ING To Sell Approx. 30 Mln Shares Of ING U.S. In Public Offering - Quick Facts

(RTTNews) - ING Group (ING) announced that it plans to sell approximately 30 million shares of common stock of ING U.S. Inc. in an SEC-registered public offering, representing a stake of 11.5% in its U.S.-based retirement, investment and insurance subsidiary. The sale of 30 million shares would reduce ING Group's stake in ING U.S. from approximately 71% to approximately 60%. ING Group intends to use the proceeds of the planned transaction for the reduction of Group core debt.

Under the planned offering, ING Group would grant the underwriters for the transaction an option to purchase up to 4.5 million additional shares, which, if fully exercised, would further reduce ING Group's stake in ING U.S. to approximately 58%.

The company expects the transaction to have a negative impact of approximately 0.5 billion euros on the shareholders' equity of ING Group, excluding the possible exercise of the underwriters' option to purchase additional shares.

ING Group said the transaction will not impact the its profit and loss account. The company said, in light of its intention to divest remaining stake in ING U.S. over time, as of 30 September 2013, ING U.S. will be classified as held for sale and reported in ING Group's IFRS financial statements under net results from discontinued operations.

ING has previously announced its intention to divest its remaining stake in ING U.S. over time, in line with its strategy to separate and divest its insurance and investment management businesses. ING U.S. common stock is listed on the New York Stock Exchange under the ticker symbol, VOYA.