Wachtell Reps Capital One In $9B ING Direct Buy

Law360, New York (June 16, 2011, 10:15 PM EDT) -- Capital One Financial Corp. said Thursday that it will pay $9 billion in cash and stock to buy ING Direct USA, the online U.S. bank run by the Netherlands' ING Groep NV.

If the deal goes through, ING will take $6.2 billion in cash and stock currently valued at about $2.8 billion, the largest single stake in Capital One. McLean, Va.-based Capital One would then become the fifth largest depository bank in the U.S. and gain access to the branchless ING Direct's “valuable national direct deposit...
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