OREANDA-NEWS. ING announced today its intention to sell approximately 43 million ordinary shares in NN Group. The ordinary shares will be sold by way of an accelerated book building offering to institutional investors. As part of this transaction, NN Group has stated its intention to repurchase up to EUR 200 million of its ordinary shares from ING Group at the offer price through an order in the book, which ING Group has agreed to fully allocate.

Following completion of the transaction, ING Group’s stake in NN Group’s outstanding capital is expected to decrease to approximately 57% from currently 68.1%.

ING has previously announced that, following the initial public offering of NN Group on 2 July 2014, it intends to divest its remaining stake in NN Group over time, in line with its strategy to divest all of its insurance and investment management businesses. Through the transaction, ING Group further reduces its stake in NN Group while retaining flexibility in the divestment of the remaining stake. NN Group ordinary shares are traded on Euronext Amsterdam under the symbol ‘NN’.

The offer price and the final number of shares sold will be determined at the conclusion of the book building process and will be announced in a separate press release. The book is open with immediate effect and is expected to close ultimately by 17.30 CET on 18 February 2015, although ING Group reserves the right to close the book before then at short notice. The transaction is expected to settle on 20 February 2015. As of the settlement date of the offering, the remaining shares in NN Group held by ING Group will be subject to a lock-up period of 90 days (subject to certain exceptions and the Joint Bookrunners’ right to waive the lock up restrictions).