ING sells €1.2bn stake in former insurance business

ING has cut its stake in insurance and investment management company NN Group, by selling 52 million shares.

The group said that following strong demand, it had decided to upsize its transaction to 52 million shares from 43 million shares. The shares have been sold at a price of €24 per share.

As part of the transaction, NN Group has repurchased 8.3 million shares at the same price per share, for an aggregate amount of €200 million.

The gross proceeds to ING Group from the offering, including the repurchase by NN Group, amounted to €1.2 billion. The transaction has reduced ING Group's stake in NN Group's outstanding capital from 68.1 percent to 54.6 percent.

The transaction is part of ING’s strategy of divesting all of its insurance and investment management businesses.