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)

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs