Sullivan Reps ING In €3B Sale Of Latin American Units

Law360, New York (July 25, 2011, 2:06 PM ET) -- ING Groep NV announced Monday it was selling its Latin American insurance and pension businesses to Grupo de Inversiones Suramericana SA for €2.7 billion ($3.9 billion), calling the transaction the first step toward divesting its insurance and investment operations.

ING will receive €2.62 billion in cash and Colombia-based Gruposura will assume €65 million of the financial giant's debt under the deal, which values the pension, life insurance and investment management businesses 1,600 percent higher than their estimated 2011 earnings and 180 percent higher than their estimated...
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