Lightyear To Snap Up 3 ING Broker-Dealer Units

Law360, New York (November 3, 2009, 6:13 PM EST) -- Dutch financial giant ING Group NV announced Tuesday it will sell three of its U.S. independent retail broker-dealer units to private equity firm Lightyear Capital LLC, just a week after revealing plans to split its banking and insurance divisions and divest all its insurance operations by 2013.

Terms of the sale of the units — which constitute three-quarters of ING Advisors Network — were not disclosed, and ING said the transaction won't have a material impact on the company's earnings.

The deal includes El Segundo, Calif.-based...
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