AMSTERDAM, Netherlands, March 3, 2015 (GLOBE NEWSWIRE) — ING announced today it agreed to sell shares of common stock of Voya Financial, Inc.
in an underwritten public offering. In addition, ING Group has entered into a share repurchase agreement with Voya under which Voya will repurchase USD 600 million of its shares of common stock from ING Group. The price per share payable by Voya as part of the share repurchase will be the same as the price paid by the underwriters to ING Group as part of the underwritten offering.
The offering and the repurchase will result in the sale of the total of 45.6 million shares which will reduce ING Group's stake in Voya at the completion of the transactions to zero from the 18.9% currently held.
ING Group has previously announced its intention to divest its remaining stake in Voya over time, in line with its strategy to separate and divest its insurance and investment management businesses.
In this context, ING Group sold shares of Voya through an initial public offering in May 2013 and follow-on offerings in October 2013, March 2014, September 2014 and November 2014.
In connection with the planned transactions, Voya intends to file today a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (SEC). The prospectus supplement covers the shares to be sold in the underwritten public offering and also includes information on the agreement between ING Group and Voya under which Voya will repurchase its shares of common stock from ING Group.