ING to sell 30 million shares in Voya Financial + ING sells 30 mln Voya shares for total proceeds of USD 1.2 billion

Alleen voor leden beschikbaar, wordt daarom gratis lid!

Algemeen advies 03/09/2014 07:15
ING announced that it has today agreed to sell shares of common stock of Voya Financial, Inc. in an underwritten public offering.

In addition, ING has entered into a share repurchase agreement with Voya Financial under which Voya Financial will repurchase USD 300 million of its shares of common stock from ING Group. The price per share payable by Voya as part of the share repurchase will be the same as the price paid by the underwriters to ING Group as part of the underwritten offering.

The offering and the repurchase will result in the sale of the total of 30 million shares which will reduce ING Group's stake in Voya Financial to approximately 32% at the completion of the transactions from currently 43%.

ING Group has previously announced its intention to divest its remaining stake in Voya Financial over time, in line with its strategy to separate and divest its insurance and investment management businesses. In this context, ING Group sold shares of Voya Financial through an initial public offering in May 2013 and follow-on offerings in October 2013 and March 2014. On completion of the transactions announced today, any further sale of ING Group's retained Voya Financial shares is expected to be subject to a lock-up period of 45 days (subject to certain exceptions and the underwriters' ability to waive lock-up restrictions). The transaction is expected to settle on Monday 8 September.

The transactions announced today are not expected to have a material impact on ING's 2014 third quarter results.

In connection with the planned transactions, Voya Financial intends to file today a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (SEC). The prospectus supplement covers the shares to be sold in the underwritten public offering and also includes information on the agreement between ING Group and Voya Financial under which Voya Financial will repurchase its shares of common stock from ING.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The registration statement and preliminary prospectus supplement relating to the offering may be obtained by visiting the SEC website at www.sec.gov


ING Group announced today the pricing for the sale of 30 million shares of common stock of Voya Financial Inc., that was announced on 2 September 2014. ING Group has sold approximately 22.3 million Voya shares at a price of USD 38.85 per share in the public offering. In addition ING Group has sold to Voya approximately 7.7 million shares for an aggregate amount of USD 300 million.

The gross proceeds to ING Group from the public offering and the concurrent repurchase by Voya amount to approximately USD 1.2 billion (approximately EUR 0.9 billion at current exchange rates).The transaction is expected to settle on 8 September 2014.

As previously announced, the sale of the total of 30 million shares from the combined transactions reduces ING Group's stake in Voya to approximately 32%, from 43%. The transactions announced today are not expected to have a material impact on ING's 2014 third quarter results.



Beperkte weergave !
Leden hebben toegang tot meer informatie! Omdat u nog geen lid bent of niet staat ingelogd, ziet u nu een beperktere pagina. Wordt daarom GRATIS Lid of login met uw wachtwoord


Copyrights © 2000 by XEA.nl all rights reserved
Niets mag zonder toestemming van de redactie worden gekopieerd, linken naar deze pagina is wel toegestaan.


Copyrights © DEBELEGGERSADVISEUR.NL