The FINANCIAL — Amsterdam — 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, according to ING.
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 are not expected to have a material impact on ING’s 2014 third quarter results, according to ING.
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