(Press Release) ING announced today that it has completed the sale of part of its direct stake in Sul América S.A. (SulAmérica) to International Finance Corporation (IFC).
As announced on 16 May 2013, ING has agreed to sell approximately 26.5 million units of SulAmérica, representing approximately 7.9% of SulAmérica’s outstanding shares, for a total consideration of 400 million Brazilian Reais (roughly USD185 million or EUR140 million at current exchange rates).
Upon the closing of the transaction with the Larragoiti Family (as announced on 28 February 2013), ING’s equity interest in SulAmérica will be reduced to approximately 21.5%. The market value of the remaining stake is approximately EUR 340 million based on the closing share price of 13 June 2013 (R$13.43) and current exchange rates. The transaction with the Larragoiti Family is expected to close in the second half of 2013 as it is subject to regulatory approvals.