72 percent of Aetna’s shareholders approved plans to spin off its domestic health care business, and sell it along with its financial service operations and international business to Holland’s ING Group.
The approval clears the way for ING to pay $5 billion in cash and assume approximately $2.7 billion in debt in exchange for the Aetna units. Aetna retains its health insurance business, which is still the largest in the U.S., and ING is set to become one of the largest life insurance and annuity providers.
At the same time as the shareholders meeting Aetna announced that it had completed the sale of its Mexican joint ventures in bancassurance, pension and annuities to Grupo Financiero BBVA Bancomer, its Mexican partner for approximately $700 million.
Under the terms of their agreement, ING will receive most of that, with Aetna retaining just $35 million.
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