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Home Sources Business & Entrepreneurs

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

by PressCenter.com
June 3, 2013
in Business & Entrepreneurs, Categories, Countries, Economy & Finances, International, Sources
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The gross proceeds to ING Group from the exercise of the option will be approximately USD 191 million (approximately EUR 148 million at current exchange rates), bringing the total gross proceeds to ING Group from the IPO of ING U.S. to approximately USD 0.9 billion. As previously announced, ING Group intends to use these proceeds for the reduction of Group core debt. ING U.S. shares started trading on the New York Stock Exchange on 2 May 2013, under the ticker symbol “VOYA”.

The exercise of the option will not impact the profit and loss account of ING Group as ING U.S. will continue to be fully consolidated by ING Group. The exercise of the option has a negative impact of approximately EUR 0.3 billion on the Shareholders’ equity of ING Group. This amount reflects the difference between the net proceeds to ING Group from the exercise of the option and the estimated IFRS book value of the 3.75% stake it represents. The exercise of the option does not have a material impact on the regulatory capital of either ING Insurance or ING Bank.

As previously announced, ING Group is divesting its insurance and investment management businesses as part of a restructuring programme agreed with the European Commission. Following the IPO, ING Group intends to divest its remaining stake in ING U.S. over time, as previously agreed with the European Commission.

The registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission. A copy of the registration statement may be obtained by visiting the SEC website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, any securities, nor shall there be any offer, solicitation or sale of any 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.

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