By Tapan Panchal
Dutch banking and financial services company ING Groep NV
(INGA.AE) said Tuesday that it intends to sell 45 million ordinary
shares in insurance and investment management company NN Group NV
(NN.AE) through an accelerated book building offering to
institutional investors.
Following the sale, ING's stake in NN Group is expected to
reduce to 42.4% from 54.8%. As part of the transaction, NN Group
has agreed to repurchase 150 million euros ($164.73 million) worth
of ordinary shares from ING Group.
ING previously announced its intention to divest its remaining
stake in NN Group, as part of a restructuring agreement with the
European Commission, by the end of 2016. The company earlier sold
shares of NN Group through an initial public offering in July 2014
and a follow-on offering in February 2015.
Bank of America Merrill Lynch, Goldman Sachs, ING Bank and J.P.
Morgan are acting as joint global coordinators and book runners for
the offering.
Write to Tapan Panchal at tapan.panchal@wsj.com
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