NN Group repurchases shares from ING for an aggregate amount of EUR 250 million
NN Group announces today that ING Group has agreed to sell 33 million shares of NN Group at a price of EUR 31.00 per share. The transaction reduces ING Group’s stake in NN Group from 25.8% to 16.2% of outstanding shares (net of treasury shares). NN Group will not receive any proceeds from the offering.
The shares were offered by way of an accelerated book building offering to institutional investors. As part of this transaction, NN Group repurchased 8 million ordinary shares from ING Group at EUR 31.00 per share for a total amount of EUR 250 million.
NN Group will fund the share repurchase from the cash capital position at the holding company. The share repurchase is estimated to reduce NN Group’s Solvency II ratio of 247% at 30 September 2015 to 242% on a pro-forma basis. NN Group intends to cancel all or part of the repurchased shares in due course.
As of the settlement of the transaction, the remaining shares in NN Group held by ING Group will be subject to a lock-up period of 60 days (subject to certain customary exceptions). The transaction is expected to settle on 8 January 2016.
ING has previously announced that 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 as part of the EC restructuring agreement ultimately by the end of 2016. 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 and September 2015.