The transactions would be worth $1.2B based on ING U.S.'s closing price yesterday of $36.30, which is well above its IPO price of $19.50 in May. The Dutch bank plans to use the proceeds to repay debt.
However, ING expects to record a Q1 loss of €2B, due to the difference between the sale price and the book value of ING U.S.'s shares.
The Dutch bank is gradually exiting the unit as part of the terms of a bailout it received during the financial crisis.
ING's PR about the deal clarifies the details of the sale after the company withdrew a release that it published in error.