NEW YORK (AP) — Netherlands bank ING plans to sell 54 million shares in Capital One Financial Corp. in a public offering on Wednesday before the stock markets open.
Capital One said last year that it would buy ING Direct, the digital banking arm of ING Groep NV for $9 billion. Under the terms of the deal, ING Groep was set to receive $6.2 billion in cash and 54 million Capital One shares.
ING became the largest shareholder in the McLean, Va.-based bank after the Federal Reserve approved the transaction in February. Based on Tuesday's closing price of Capital One stock, the transaction will garner ING about $3 billion.
BofA Merrill Lynch, Morgan Stanley and Citigroup Global Markets Inc. will act as joint managers of Wednesday's offering.