ReliaStar Financial Corp. shareholders have approved the proposed acquisition of ReliaStar Financial and its family of companies by ING Groep N.V., a global integrated financial services company based in Amsterdam.
As announced May 1 and pending regulatory approvals, ING Groep N.V. will acquire ReliaStar for a total purchase price of $5.1 billion plus the assumption of $1 billion in debt.
All ReliaStar shareholders, other than ReliaStar’s Employee Stock Ownership Program, will receive $54 in cash. Shares held by ReliaStar’s ESOP will be exchanged for ING American Depository Receipts with a value of $54.
The transaction is expected to close in early September following the receipt of all necessary regulatory approvals.
“We’re extremely pleased to have found a partner that will deliver maximum value for our shareholders and at the same time maximize the growth opportunities for our businesses, our distributors and our employees,” said John G. Turner, ReliaStar chairman and chief executive officer. “This combination with ING, a global financial services leader with a growing presence in the United States, will give ReliaStar businesses the scale to compete along with a broader portfolio of products.”
Topics Mergers & Acquisitions
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