HONG KONG Oct 25 Asia private equity firm RRJ
Capital, founded by ex-Goldman Sachs and Hopu Management
dealmaker Richard Ong, has invested a further $248 million in
ING Groep's U.S. insurance unit, a person with direct
knowledge of the matter told Reuters.
RRJ acquired the stake from ING, which sold a further 38
million shares in its U.S. insurance unit ING US
raising $1.12 billion on Thursday. RRJ now owns a 4.4 percent
stake in ING US, making it the second-biggest shareholder in the
company behind the parent ING Groep.
Dutch financial services group ING raised $1.3 billion by
listing the U.S. unit in May. RRJ invested $78 million in ING
US's IPO, paying $19.50 a share, the source said. RRJ bought the
latest shares at $29.50 each, as ING cut its stake to about 57
percent, ING said in a filing.
ING has been selling assets globally to pay down debt from
its 2008 rescue.
RRJ and ING declined to comment. The person declined to be
identified as the information is not public.