NN Group announcestoday that ING Group has agreed to sell 45.7 million sharesof NN Group at a price of EUR 30.15 per share. NN Group will not receive anyproceeds from the offering. The transaction completes ING’s divestment of NNGroup. The shares were offered by way of an accelerated book building offeringto institutional investors. NNGroup will release its first quarter 2016 results on 26 May 2016 and iscurrently in closed period.
Lard Friese, CEO ofNN Group: ‘Today is a historic moment for NN Group. We thank ING Group fortheir partnership and support in our journey to become a stand-alone company,and we are grateful to our customers, employees, business partners andshareholders for their ongoing commitment. In the years to come, we willcontinue to focus on the evolving needs of our customers, in our aim to build acompany that truly matters to our stakeholders.’
The transaction is in line with ING’s previouslyannounced intention to divest its remaining stake in NN Group ultimatelyby the end of 2016, and its strategy to divest all of its insurance andinvestment management businesses as part of the EC restructuring agreement. Inthis context, ING Group sold shares of NN Group through an initial publicoffering in July 2014 and follow-on offerings in February 2015, May 2015, September2015 and January 2016.
ING Group will continue to hold warrants that areexercisable for approximately 35 million ordinary shares of NN Group asspecified in the warrant agreement dated 10 June 2014.
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NN Group is an international insurance and asset management company, active in more than 20 countries, with a strong presence in a number of European countries and Japan. With around 11,500 employees the group offers retirement services, insurance, investments and banking to more than 15 million customers. NN Group includes Nationale-Nederlanden, NN and NN Investment Partners. NN Group is listed on Euronext Amsterdam (NN).
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Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation: (1) changes in general economic conditions, in particular economic conditions in NN Group’s core markets, (2) changes in performance of financial markets, including developing markets, (3) consequences of a potential (partial) break-up of the euro, (4) the implementation of the EC Restructuring Plan, (5) changes in the availability of, and costs associated with, sources of liquidity as well as conditions in the credit markets generally, (6) the frequency and severity of insured loss events, (7) changes affecting mortality and morbidity levels and trends, (8) changes affecting persistency levels, (9) changes affecting interest rate levels, (10) changes affecting currency exchange rates, (11) changes in investor, customer and policyholder behaviour, (12) changes in general competitive factors, (13) changes in laws and regulations, (14) changes in the policies of governments and/or regulatory authorities, (15) conclusions with regard to accounting assumptions and methodologies, (16) changes in ownership that could affect the future availability to us of net operating loss, net capital and built-in loss carry forwards, (17) changes in credit and financial strength ratings, (18) NN Group’s ability to achieve projected operational synergies and (19) the other risks and uncertainties contained in recent public disclosures made by NN Group and/or related to NN Group.Any forward-looking statements made by or on behalf of NN Group speak only as of the date they are made, and, NN Group assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.
This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities.
