ING U.S. Files Registration Statement for Sale of Second Tranche
OREANDA-NEWS. ING announced today that ING U.S., Inc., its U.S.-based retirement, investment and insurance businesses subsidiary, has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) in connection with a possible sale of a second tranche of ING U.S.’s common stock by ING Group.
The size and timing of a possible sale of ING U.S. shares by ING Group will be based on market conditions and other factors. However, following this sale ING Group will continue to own a majority of ING U.S.
ING U.S. shares started trading on the New York Stock Exchange on 2 May 2013, under the ticker symbol “VOYA”, upon the issuance and the sale of a first tranche of ING U.S.’s common stock in an initial public offering (IPO) that reduced ING Group’s stake in ING U.S. to approximately 71%. The underwriters in the IPO have waived the 180-day lock-up agreement agreed upon at the time of the IPO to allow ING U.S. to file the registration statement and ING Group to potentially execute a sale of ING U.S. shares. Today’s filing is consistent with ING Group’s previously announced intention to divest its remaining stake in ING U.S. over time, in line with its strategy to separate and divest its insurance and investment management businesses.
The registration statement relating to these shares filed with the SEC has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.