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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.