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ING sells 34.5 million Voya shares for total proceeds of USD 1.4 billion

dimanche 16 novembre 2014

ING Group announced the pricing for the sale of 34.5 million shares of common stock of Voya Financial Inc. that was announced on 12 November 2014. ING Group has sold approximately 30 million Voya shares at a price of USD 39.15 per share in the public offering. In addition ING Group has sold to Voya approximately 4.5 million shares for an aggregate amount of USD 175 million.

The gross proceeds to ING Group from the public offering and the concurrent repurchase by Voya amount to approximately USD 1.4 billion (approximately EUR 1.1 billion at current exchange rates). The transactions are expected to settle on 18 November 2014. The sale of the total of 34.5 million shares from the combined transactions reduces ING Group’s stake in Voya from 32.5% to approximately 19%. As a result of the transactions, ING loses significant influence on Voya and will account for its stake in Voya as an available-for-sale investment going forward. The two remaining ING Group Directors will step down from the Board of Directors of Voya.

The transactions are expected to result in a net profit to ING at closing of approximately EUR 0.4 billion. This broadly reflects the difference between the EUR 2.1 billion book value of our 32.5% investment in Voya (which was fixed at the date of deconsolidation on 25 March 2014) and the market value of this stake of approximately EUR 2.5 billion.

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