Dutch financial institution ING Group is planning to sell 11.5% stake or around 30 million shares of common stock in its US-based retirement, investment and insurance subsidiary, ING US.
With the sale, the company will reduce its stake in ING US from around 71% to around 60%.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The sale would generate around US$937 million based on the 18 October 2013 closing price of $31.23 per share. The group plans to use the proceeds from the sale of the stake to reduce its core debt.
The group further plans to grant the underwriters an option to purchase additional 4.5 million shares, which would further reduce its stake in ING US to 58%.
ING Group said the transaction will not impact the profit and loss account of the group.
The company also expects the deal to have negative impact of around 0.5 billion on the shareholders’ equity of ING Group.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
