ING to Sell Further Stake in NN Group

By Tapan Panchal

Dutch banking and financial services company ING Groep NV (INGA.AE) said Tuesday that it intends to sell 45 million ordinary shares in insurance and investment management company NN Group NV (NN.AE) through an accelerated book building offering to institutional investors.

Following the sale, ING's stake in NN Group is expected to reduce to 42.4% from 54.8%. As part of the transaction, NN Group has agreed to repurchase 150 million euros ($164.73 million) worth of ordinary shares from ING Group.

ING previously announced its intention to divest its remaining stake in NN Group, as part of a restructuring agreement with the European Commission, by the end of 2016. The company earlier sold shares of NN Group through an initial public offering in July 2014 and a follow-on offering in February 2015.

Bank of America Merrill Lynch, Goldman Sachs, ING Bank and J.P. Morgan are acting as joint global coordinators and book runners for the offering.

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