ING Group To Sell NN Group Shares For 1.275 Bln Euros

(RTTNews) - ING Group (ING) Wednesday said it will receive 1.275 billion euros by selling NN Group shares at NN Group's initial public offering or IPO to three Asia-based investment firms that includes RRJ Capital, Temasek and SeaTown Holdings International. The three companies will also be issued subordinated notes that ING Group will over time exchange into NN Group shares.

As per the agreed terms, ING Group will receive cash amounts of 750 million euros from RRJ Capital, 425 million euros from Temasek and 100 million euros from SeaTown in exchange for the allocation of NN Group shares from ING Group at the intended IPO of NN Group.