ING to sell 45 million shares in NN Group
May 26 2015 - 12:23PM
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN
OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.
ING announced today its intention to sell approximately 45
million ordinary shares in NN Group. The ordinary shares will be
sold by way of an accelerated book building offering to
institutional investors. As part of the transaction, NN Group has
committed to repurchase NN Group ordinary shares from ING Group for
an aggregate amount of EUR 150 million. Following a successful
completion of the transaction, ING Group's stake in NN Group's
outstanding capital is expected to decrease to approximately 42.4%
from currently 54.8%.
ING has previously announced that it intends to divest its
remaining stake in NN Group over time, in line with its strategy to
divest all of its insurance and investment management businesses as
part of the restructuring agreement with the European Commission as
amended on 16 November 2012, ultimately by the end of 2016. In this
context, ING Group sold shares of NN Group through an initial
public offering in July 2014 and a follow-on offering in February
2015. NN Group ordinary shares are traded on Euronext Amsterdam
under the symbol 'NN'.
The offer price and the final number of shares sold will be
determined at the conclusion of the book building process and will
be announced in a separate press release. The book is open with
immediate effect and is expected to close ultimately by 17:30 CET
on 27 May 2015, although ING Group reserves the right to close the
book before then at short notice. The transaction is expected to
settle on 29 May 2015. As of the settlement date of the offering,
the remaining shares in NN Group held by ING Group will be subject
to a lock-up period of 90 days (subject to certain exceptions and
the Joint Global Coordinators and Bookrunners' right to waive the
lock up restrictions).
Bank of America Merrill Lynch, Goldman Sachs, ING Bank and J.P.
Morgan are acting as Joint Global Coordinators and Bookrunners for
the offering.
PDF version of Press Release
http://hugin.info/130668/R/1923976/690058.pdf
HUG#1923976
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