ING agreed to sell a total of 22,277,993 of its shares of Voya Financial for $38.85 a share in the offering. Voya Financial will repurchase an additional 7,722,007 shares, for an aggregate price of about $300 million. ING will sell a total of 30 million shares Voya Financial, bringing its stake in the company down to about 32% after the transactions close.
Voya Financial will not receive any proceeds from the offering as it is not issuing or selling any stock.
TheStreet Ratings team rates VOYA FINANCIAL INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate VOYA FINANCIAL INC (VOYA) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and poor profit margins."