ING raises $1.18B with sale of U.S. unit shares

ING Groep (ING) has raised $1.18B by selling 33.76M shares in its ING U.S. (VOYA) insurance unit.

The Dutch bank sold 26.5M shares in a public offering at ING U.S.'s closing price yesterday of $35.23 each, while the subsidiary bought 7.26M shares at $34.45 a piece.

With the sale, ING's stake in the unit fell to 45% from 57%; the underwriters have an option to sell another 3.98M ING U.S. shares.

ING plans to use the proceeds from the sale to repay debt. (PR)

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