Billed to be the largest initial public offering (IPO) in Europe to date this year, Allen & Overy (A&O) and the London office of Davis Polk & Wardwell are advising on the sale of up to 77m ordinary shares in NN Group, valuing the Dutch insurer at €7bn and bringing in proceeds of €2bn for ING.
The spin-off, required as part of the terms of the €10bn public bailout ING received in 2008, is being led for ING by A&O Netherlands-based corporate partner and longstanding legal adviser to the Dutch-founded financial services company Charles Honée, as well as corporate partners Tim Stevens and Gerbrand Visser.
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