ING Group, the Dutch insurance and financial services giant, has finalized the acquisition of Minnesota based insurer ReliaStar. All regulatory approvals were received as of August 30th.
The agreement, announced last May, provides for ReliaStar shareholders to receive $54 in cash, which amounts to “an estimated $5.1 billion for approximately 91 million ReliaStar shares.”
ING estimates that ReliaStar operations will up per share net profit by 9 cents in 2000 and up to 30 cents a share in 2001, and will increase its U.S. market position.
Ewald Kist, Chairman of ING’s Executive Board said, “The acquisition of ReliaStar represents a huge step forward in strengthening ING’s integrated financial services position in the United States. I am happy to report that ReliaStar’s integration with ING’s operations is proceeding smoothly, and I remain convinced the combination will create significant value for our customers, employees and shareholders.”
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