ING is buying the Canadian non-life insurance business of German insurer Allianz for $370 million, funded by floating part of its ING Canada unit. The IPO prospectus for ING Canada – which the Dutch insurer is using to pay for the acquisition – says that the company will pay $279 million in cash and take on $91 million in debt from Allianz. ING is expected to sell a third of the business in the IPO. Earlier this year, European rivals Fortis raised $1.8 billion by floating a majority stake in its US business division, which was renamed Assurant Inc. after listing.
ING Pays $370 Million For Allianz Unit In Canada
ING is buying the Canadian non life insurance business of German insurer Allianz for $370 million, funded by floating part of its ING Canada unit. The IPO prospectus for ING Canada which the Dutch insurer is using to pay for
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