NN Group announces today that ING Group has agreed to sell 45.7 million shares of NN Group at a price of EUR 30.15 per share. NN Group will not receive any proceeds from the offering. The transaction completes ING’s divestment of NN Group. The shares were offered by way of an accelerated book building offering to institutional investors. NN Group will release its first quarter 2016 results on 26 May 2016 and is currently in closed period.
Lard Friese, CEO of NN Group: ‘Today is a historic moment for NN Group. We thank ING Group for their partnership and support in our journey to become a stand-alone company, and we are grateful to our customers, employees, business partners and shareholders for their ongoing commitment. In the years to come, we will continue to focus on the evolving needs of our customers, in our aim to build a company that truly matters to our stakeholders.’
The transaction is in line with ING’s previously announced intention to divest its remaining stake in NN Group ultimately by the end of 2016, and its strategy to divest all of its insurance and investment management businesses as part of the EC restructuring agreement. In this context, ING Group sold shares of NN Group through an initial public offering in July 2014 and follow-on offerings in February 2015, May 2015, September 2015 and January 2016.
ING Group will continue to hold warrants that are exercisable for approximately 35 million ordinary shares of NN Group as specified in the warrant agreement dated 10 June 2014.