RRJ, Temasek to invest $2.3b in ING unit ahead of IPO
Published on Apr 30, 2014 3:15 PM
HONG KONG (Reuters) - A consortium of RRJ Capital and Temasek Holdings have agreed to invest 1.3 billion euros (S$2.3 billion) in ING Groep's European and Japanese insurance and investment management unit ahead of its planned initial public offering (IPO), the Dutch financial services firm said in a statement on Wednesday.
ING is preparing to list the unit, called NN Group, later this year, with three Asian institutions coming in as anchor investors.
Asia-based private equity firm RRJ Capital will invest 750 million euros, while Singapore state investor Temasek and its unit SeaTown jointly agreed to invest 525 million euros, the statement said.
In return, the consortium will get NN Group shares and subordinated ING Group notes they could exchange into NN Group shares.
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