(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.
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