The $7.7 billion deal for the sale of Aetna’s financial services and international units to Holland’s ING has been completed, along with the simultaneous spin-off of Aetna’s remaining health care operations to its shareholders, said a company announcement.
Aetna shareholders will receive $35.33 in exchange for each of their existing shares and one share of the health care company.
ING renamed the company “Lion Connecticut Holdings, Inc.” and merged it into an existing subsidiary. ING’s corporate symbol is a lion.
Upon the completion of the Aetna purchase, the Amsterdam based financial services company, which also recently purchased Minnesota based ReliaStar Financial Services, will occupy the top spot as the largest life insurance and annuity broker in the U.S., based on premiums.
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