Wednesday, April 17, 2013 2:24 pm
ING to sell stake in US arm for up to $1.5 billion
The Associated Press
ING U.S. has insurance, investment and retirement businesses.
The IPO price range suggests ING U.S. is worth $6 billion, less than half the $14.2 billion the company had valued it on its books. ING said it expected the listing to lead to a 1.6 billion euros ($2.1 billion) reduction in shareholders' equity, but the offering "will not have a material impact on the regulatory capital of either ING insurance or ING bank."
The company said Wednesday it will use proceeds to pay down debt.