03 Mar ING to sell remaining 19% stake in Voya Financial
Voya Financial, Inc. (NYSE:VOYA) announced today that ING Group has entered into an agreement with a syndicate of underwriters to sell Voya Financial common stock in an underwritten public offering.
In connection with the public 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 $600 million (the “direct share repurchase”). The per-share purchase price to be paid by Voya Financial in the direct share repurchase will be equal to the per-share purchase price paid by the underwriters in the public offering.
The direct share repurchase is subject to a number of conditions, including the successful completion of the public offering. Voya Financial expects to fund the direct share repurchase using cash on hand.