October 25, 2013 / 7:16 AM / in 4 years

RRJ buys $248 mln stake in ING's US insurance unit -source

HONG KONG, Oct 25 (Reuters) - 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.

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