ING Group: ING sells 30 mln Voya shares for total proceeds of USD 1.2 billion
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.
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
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Carolien van der Giessen
ING Group Investor Relations
+31 20 576 6386
+31 20 576 6396
ING is a global financial institution of Dutch origin offering banking
services through its operating company ING Bank and holding significant stakes
in the listed insurers NN Group NV and Voya Financial, Inc. The purpose of ING
Bank is empowering people to stay a step ahead in life and in business. ING
Bank's 53,000 employees offer retail and commercial banking services to
customers in over 40 countries.
ING Group shares are listed (in the form of depositary receipts) on the
exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the New York Stock
Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING's corporate strategy, which is
evidenced by ING shares being included in the Dow Jones Sustainability Index
(Europe and World) and the FTS4Good index.
IMPORTANT LEGAL INFORMATION
Certain of the statements contained in this document are not historical facts,
including, without limitation, certain statements made of future expectations
and other forward-looking statements that are based on management's current
views and assumptions and involve known and unknown risks and uncertainties
that could cause actual results, performance or events to differ materially
from those expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such statements due
to, without limitation: (1) changes in general economic conditions, in
particular economic conditions in ING's core markets, (2) changes in
performance of financial markets, including developing markets, (3)
consequences of a potential (partial) break-up of the euro, (4) the
implementation of ING's restructuring plan to separate banking and insurance
operations, (5) changes in the availability of, and costs associated with,
sources of liquidity such as interbank funding, as well as conditions in the
credit markets generally, including changes in borrower and counterparty
creditworthiness, (6) the frequency and severity of insured loss events, (7)
changes affecting mortality and morbidity levels and trends, (8) changes
affecting persistency levels, (9) changes affecting interest rate levels, (10)
changes affecting currency exchange rates, (11) changes in investor, customer
and policyholder behaviour, (12) changes in general competitive factors, (13)
changes in laws and regulations, (14) changes in the policies of governments
and/or regulatory authorities, (15) conclusions with regard to purchase
accounting assumptions and methodologies, (16) changes in ownership that could
affect the future availability to us of net operating loss, net capital and
built-in loss carry forwards, (17) changes in credit-ratings, (18) ING's
ability to achieve projected operational synergies and (19) the other risks
and uncertainties detailed in the risk factors section contained in the most
recent annual report of ING Groep N.V.
Any forward-looking statements made by or on behalf of ING speak only as of
the date they are made, and, ING assumes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information
or for any other reason. This document does not constitute an offer to sell,
or a solicitation of an offer to buy, any securities.
PDF version of press release
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The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: ING Group via Globenewswire
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