NN Group announces today that its shareholder ING Group intends to sell approximately 45.7 million ordinary shares in NN Group. The shares will be offered by way of an accelerated book building offering to institutional investors. NN Group will not be issuing or selling shares as part of this transaction, and will not receive any proceeds from the offering. As a result of the transaction ING Group will fully exit its remaining 14.1% stake in NN Group. NN Group will release its first quarter 2016 results on 26 May 2016 and is currently in closed period.
The book is open with immediate effect and is expected to close by 17.30 CET on 15 April 2016, although ING Group reserves the right to close the book before then at short notice. The transaction is expected to settle on 19 April 2016.
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.