ING agrees to sell $1.8B stock in insurance arm

0

AMSTERDAM (AP) — ING Groep NV, the Dutch bank and insurance
company, has struck a deal to sell $1.8 billion (1.28 billion euros)
worth of shares in its insurance arm to Asian investors later this year.
The
European Commission has instructed ING to spin off its remaining
insurance operations in compensation for needing state support during
the financial crisis of 2008. The date of the initial public offering
has not been set.
In Wednesday’s deal, RRJ Capital, Temasek and
SeaTown Holdings agreed to purchase shares at 3 percent below whatever
IPO price is eventually set.
ING benefits from guaranteed support for the IPO, while the Asian investors benefit from the discount.

The business, which is to be branded NN Group, had a book value of 14.3 billion euros at the end of 2013.

Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
AMSTERDAM (AP) — ING Groep NV, the Dutch bank and insurance
company, has struck a deal to sell $1.8 billion (1.28 billion euros)
worth of shares in its insurance arm to Asian investors later this year.
The
European Commission has instructed ING to spin off its remaining
insurance operations in compensation for needing state support during
the financial crisis of 2008. The date of the initial public offering
has not been set.
In Wednesday’s deal, RRJ Capital, Temasek and
SeaTown Holdings agreed to purchase shares at 3 percent below whatever
IPO price is eventually set.
ING benefits from guaranteed support for the IPO, while the Asian investors benefit from the discount.

The business, which is to be branded NN Group, had a book value of 14.3 billion euros at the end of 2013.

Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.

No posts to display