Dutch insurer and financial services provider ING announced that it plans to sell its entire 6.6 percent stake in fellow Dutch insurer Aegon, parent of Transamerica Corp., in order to fund its purchase of Minnesota based life insurer, ReliaStar.
ING holds an estimated 44,300,000 Aegon shares, half of which will, be transferred to the Aegon Association, which will, upon completion of the deal, exercise effective control of Aegon with a 37 percent holding of its common stock. The remaining half of the shares will be sold to institutional investors.
Although no price for the shares was disclosed, Aegon shares have been trading in the € 39-40 range ($37-38), which would value the transaction at around $1.66 billion.
ING has agreed to pay $5.1 billion in cash and assume $1 billion in debt for ReliaStar.
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