OREANDA-NEWS. ING announced today its intention to sell 33 million ordinary shares in NN Group. The ordinary shares will be sold by way of an accelerated book building offering to institutional investors. As part of the transaction, NN Group has stated its intention to repurchase NN Group ordinary shares from ING Group for an aggregate amount of EUR 250 million. Following a successful completion of the transaction, ING Group’s stake in NN Group’s outstanding capital is expected to decrease to 16.2% from its current 25.8%.

The offer price and the final number of shares sold will be determined at the conclusion of the book building process and will be announced in a separate press release. The book is open with immediate effect and is expected to close ultimately by 17:30 CET on 6 January 2016, although ING Group reserves the right to close the book before then at short notice. The transaction is expected to settle on 8 January 2016. As of the settlement date of the offering, the remaining shares in NN Group held by ING Group will be subject to a lock-up period of 60 days (subject to certain exceptions including a sale to the investor group who invested in NN Group prior to its initial public offering in accordance with ING Group’s announcement of 30 April 2014, and the right of the joint global coordinators of the offering to waive the lock up restrictions).