ING to sell remaining stake in Voya Financial
(Thomson Reuters ONE) -
ING announced today it agreed to sell shares of common stock of Voya Financial,
Inc. in an underwritten public offering. In addition, ING Group has entered into
a share repurchase agreement with Voya under which Voya will repurchase USD 600
million of its shares of common stock from ING Group. The price per share
payable by Voya as part of the share repurchase will be the same as the price
paid by the underwriters to ING Group as part of the underwritten offering.
The offering and the repurchase will result in the sale of the total of 45.6
million shares which will reduce ING Group's stake in Voya at the completion of
the transactions to zero from the 18.9% currently held.
ING Group has previously announced its intention to divest its remaining stake
in Voya over time, in line with its strategy to separate and divest its
insurance and investment management businesses. In this context, ING Group sold
shares of Voya through an initial public offering in May 2013 and follow-on
offerings in October 2013, March 2014, September 2014 and November 2014.
In connection with the planned transactions, Voya intends to file today a
preliminary prospectus supplement with the U.S. Securities and Exchange
Commission (SEC). The prospectus supplement covers the shares to be sold in the
underwritten public offering and also includes information on the agreement
between ING Group and Voya under which Voya will repurchase its shares of common
stock from ING Group.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction. The registration statement and preliminary prospectus supplement
relating to the offering may be obtained by visiting the SEC website at
www.sec.gov.
NOTE FOR EDITORS
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Press enquiries Investor enquiries
Frans Middendorff ING Group Investor Relations
+31 20 576 6385 +31 20 576 6396
Frans.Middendorff(at)ing.com Investor.Relations(at)ing.com
ING PROFILE
ING is a global financial institution of Dutch origin offering banking services
through its operating company ING Bank and holding significant stakes in the
listed insurers NN Group NV and Voya Financial, Inc. The purpose of ING Bank is
empowering people to stay a step ahead in life and in business. ING Bank's
53,000 employees offer retail and commercial banking services to customers in
over 40 countries.
ING Group shares are listed (in the form of depositary receipts) on the
exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the New York Stock
Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING's corporate strategy, which is
evidenced by ING Group shares being included in the FTSE4Good index and in the
Dow Jones Sustainability Index (Europe and World) where ING is the industry
leader in the diversified financials group.
IMPORTANT LEGAL INFORMATION
Certain of the statements contained in this document are not historical facts,
including, without limitation, certain statements made of future expectations
and other forward-looking statements that are based on management's current
views and assumptions and involve known and unknown risks and uncertainties
that could cause actual results, performance or events to differ materially
from those expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such statements due
to, without limitation: (1) changes in general economic conditions, in
particular economic conditions in ING's core markets, (2) changes in
performance of financial markets, including developing markets, (3)
consequences of a potential (partial) break-up of the euro, (4) the
implementation of ING's restructuring plan to separate banking and insurance
operations, (5) changes in the availability of, and costs associated with,
sources of liquidity such as interbank funding, as well as conditions in the
credit markets generally, including changes in borrower and counterparty
creditworthiness, (6) the frequency and severity of insured loss events, (7)
changes affecting mortality and morbidity levels and trends, (8) changes
affecting persistency levels, (9) changes affecting interest rate levels, (10)
changes affecting currency exchange rates, (11) changes in investor, customer
and policyholder behaviour, (12) changes in general competitive factors, (13)
changes in laws and regulations, (14) changes in the policies of governments
and/or regulatory authorities, (15) conclusions with regard to purchase
accounting assumptions and methodologies, (16) changes in ownership that could
affect the future availability to us of net operating loss, net capital and
built-in loss carry forwards, (17) changes in credit-ratings, (18) ING's
ability to achieve projected operational synergies and (19) the other risks
and uncertainties detailed in the risk factors section contained in the most
recent annual report of ING Groep N.V.
Any forward-looking statements made by or on behalf of ING speak only as of
the date they are made, and, ING assumes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information
or for any other reason. This document does not constitute an offer to sell,
or a solicitation of an offer to buy, any securities.
PDF version of Press Release:
http://hugin.info/130668/R/1899263/674693.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via GlobeNewswire
[HUG#1899263]
Unternehmensinformation / Kurzprofil:
Datum: 03.03.2015 - 22:30 Uhr
Sprache: Deutsch
News-ID 375992
Anzahl Zeichen: 7463
contact information:
Town:
Amsterdam
Kategorie:
Business News
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"ING to sell remaining stake in Voya Financial"
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