Seeking Alpha

ING sells $974M worth of shares in U.S. unit

  • ING Groep (ING) has raised $974M after selling 33M in its U.S. insurance unit at $29.50 each.
  • The sale lowers ING's holding in ING U.S. (VOYA) to 59% from 71%.
  • ING is selling down its holdings in its U.S. subsidiary, which will be renamed Voya Financial, as part of the terms of a bailout it received during the financial crisis. ING has until the end of 2016 to sell the rest of its shares.
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