(Bloomberg) — ING Groep NV, the biggest Dutch financial services company, raised 1.54 billion euros ($2.1 billion) from the sale of shares in its insurer NN Group NV, the second-biggest initial public offering in Europe this year.
NN Group opened at 21 euros in Amsterdam, above the sale price of 20 euros, and traded at 21.64 euros as of 1:20 p.m. ING sold 77 million NN Group shares, it said yesterday. Including a conversion of 450 million euros in mandatory exchangeable notes under an agreement with three Asian investors, gross proceeds were about 2 billion euros.
The sale of 28.6% of NN Group, with operations in Europe and Japan, brings ING closer to the end of a restructuring program imposed by European Union regulators following a 2008 rescue from the Netherlands. It will use the proceeds to pay debt and further unwind into a bank and insurer.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.