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ING Groep NV Agrees To Sell 11.3% Direct Stake In Sul America SA to Swiss Re AG
ING Groep NV (ING) announced that it has reached an agreement with Swiss Re Group on the sale of an 11.3% direct stake in Sul America S.A (SulAmerica)., further reducing its stake in the Brazilian insurer. Under the terms agreed, ING will sell approximately 37.7 million SulAmerica units for a total cash consideration of approximately EUR 185 million (at current exchange rates). The transaction is expected to result in a net gain to ING of approximately EUR 100 million at closing. In accordance with IFRS, this gain represents the difference between the book value and the fair value for both the 11.3% stake in scope of the agreement announced on November 18, 2013 and the stake retained. This stake will be accounted for as an investment at fair value going forward. In line with previous announcements, ING intends to use the proceeds of this transaction to reduce ING Group core debt.
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