Netherlands-based ING Groep said the underwriters for the share sale of its US insurance business would be buying additional shares. The banks would be purchasing an added 4.95 million shares of ING US worth USD 146 million or EUR 106 million. The shares would be bought at USD 29.50 per share.
On October 23, ING Groep said it had already sold 33 million shares of its US insurance unit. The price per share for that offering was also USD 29.50. ING was selling ING US to comply with the terms of its 2008 bailout. The sale would cut ING Groep's ownership to 57% and would raise USD 1.1 billion for the company.
ING US would be renamed as Voya Financial. From its May initial offering price, the company's share price had increased 56%. A regulatory filing revealed that as of June, ING US has 13 million customers and 7,000 employees. Its products include savings products, life insurance and annuities.
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