ING announces exercise of underwriters' option to acquire additional shares in ING U.S.

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Overig advies 22/03/2014 09:54
ING Group announced today that the underwriters in the offering of shares of ING U.S. Inc., its U.S.-based retirement, investment and insurance subsidiary, have exercised their option to purchase an additional 3,975,000 shares of ING U.S. from ING Group. The sale of these additional shares further reduces ING Group's ownership stake in ING U.S. from approximately 45% to approximately 43%.

The gross proceeds to ING Group from the exercise of the option are approximately USD 140 million (approximately EUR 100 million at current exchange rates). This brings the total proceeds of the offering to approximately EUR 950 million which ING Group intends to use for the reduction of Group core debt.

ING Group has previously announced its intention to divest its remaining stake in ING U.S. 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 ING U.S. through an initial public offering in May 2013 and a follow-on offering in October 2013. Any sale of ING Group's retained ING U.S. shares is subject to a lock-up period of 90 days from the pricing of the offering (subject to certain exceptions and the underwriters' ability to waive lock-up restrictions). ING U.S. shares trade on the New York Stock Exchange under the ticker symbol "VOYA".

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 relating to the offering may be obtained by visiting the SEC website at www.sec.gov.



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