(September 13 – 10:30 ET) – Dutch financial giant ING has sold 120 million shares of rival ABN Amro to help pay for recent acquisitions. The sale raised about US$2.7 billion.
ING initiated the sale to help pay for US$13.8 billion worth of recent acquisitions in the U.S., including its purchase of parts of Aetna, and insurer ReliaStar.
A comparative minnow next to the U.S. whales ING has recently landed, the firm is also buying Equisure Financial Network for about $136 million.
ING now says that it won’t have to sell any more assets to fund these acquisitions. The Aetna deal is expected to close in the fourth quarter. ING says it will continue to hold at least 10% of ABN as a “strategic” investment.
The share sale was run by ING Barings, Merrill Lynch, and ABN Amro Rothschild.
-IE Staff