The financial services firm seeks to use the proceeds from the transaction to pay back its core debt.
Under the offering, ING would grant the underwriters with an option to purchase up to 4.5 million additional shares, further reducing its stake to 58%.
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The proposed deal, which is expected to have a negative impact of approximately EUR 0.5 billion on the shareholders’ equity of ING, is subject to certain conditions and final timing, size. The offer price of the transaction remained undisclosed.
Earlier, ING announced plans to sell remaining stake in the US unit, to separate and divest its insurance and investment management businesses.
In line with this strategy, the company sold shares of ING US through an initial public offering (IPO) in May this year. In September, the US unit announced the possible sale of additional shares by the group.
If the latest deal is finalized, sale of ING Group’s remaining shares in the US unit would be subject to a lock-up period of 90 days.
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