ING Agrees To Sell 22.28 Mln Shares Of Voya Financial At $38.85 Per Share

(RTTNews) - Voya Financial, Inc. (VOYA) Wednesday said ING Group (ING) has agreed to sell 22.28 million shares of Voya Financial common stock at a price of $38.85 per share to the underwriters in its previously announced underwritten public offering.

Voya Financial will not be issuing or selling common stock, and will not receive any proceeds from the offering.

In connection with the public offering, Voya Financial has also agreed to repurchase from ING Group an additional 7.72 million shares of its common stock for an aggregate purchase price of $300 million.

The per-share price to be paid by Voya Financial is the same price paid by the underwriters in the public offering.

In total, ING Group is selling 30 million shares of Voya Financial common stock, and will thus reduce its ownership stake in Voya Financial to around 32 percent.

Following the completion of the direct share repurchase, Voya Financial will have about $210 million remaining under its current share repurchase authorization.

Morgan Stanley & Co. LLC and BofA Merrill Lynch are acting as joint book-running managers and underwriters for the offering.

Closing of the public offering and of the direct share repurchase are expected to occur on September 8.