AMSTERDAM (dpa-AFX) - Voya Financial Inc (VOYA) said Tuesday that ING Group entered into an agreement with a syndicate of underwriters to sell Voya Financial common stock in an underwritten public offering.
Voya Financial will not be issuing or selling common stock, and will not receive any proceeds from the offering.
In connection with the offering, Voya Financial has entered into a share repurchase agreement with ING Group pursuant to which Voya Financial will repurchase directly from ING Group shares of Voya Financial common stock for an aggregate purchase price of $300 million.
The total number of shares of Voya Financial common stock to be sold by ING Group is expected to equal 30 million shares.
The offering and the direct share repurchase is estimated to reduce ING Group's stake in Voya Financial to about 32% from about 43%.
Copyright RTT News/dpa-AFX
© 2014 AFX News
