Insurer Voya Financial Inc., which has Windsor operations, said its former parent company, ING Group, is reducing its ownership stake by 30 million shares.
Voya will repurchase 7.7 million shares from ING for $300 million. ING will sell another 22.3 million shares to underwriters for $865.5 million.
The deal will reduce ING’s ownership in Voya from 43 percent to approximately 32 percent.
Morgan Stanley and BofA Merrill Lynch are acting as joint book-running managers and underwriters for the offering, which is expected to close Sept. 8.
The Netherlands-based ING divested Voya through an initial public offering last year — as a condition of its 2008 bailout. Since then it has gradually reduced its stake.
Correction: The original version of this story erroneously stated that the share sale would take place over several years. The sale is slated to close this month.
