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Temasek joins consortium to invest in NN Group

Temasek Holdings has joined a consortium that will invest in NN Group ahead of its planned initial public offering.

SINGAPORE: Temasek Holdings has joined a consortium that will invest in NN Group ahead of its planned initial public offering (IPO).

NN Group, a unit of ING Group, manages the European and Japanese insurance and investment operations of the Dutch financial services firm.

According to a statement by ING Group on Wednesday, Temasek, its subsidiary SeaTown Holdings and private equity firm RRJ Capital will invest about 1.3 billion euros in total.

The Dutch financial group said it will receive cash amounting to 750 million euros from RRJ Capital, 425 million euros from Temasek and 100 million euros from SeaTown.

In return, the consortium will get NN Group shares worth a total of 150 million euros and subordinated ING Group notes that it could exchange for NN Group shares.

RRJ Capital will receive shares worth 88 million euros while Temasek and SeaTown will get NN Group shares worth a total of 62 million euros.

Temasek confirmed the investment in NN Group.

"Temasek has made an investment in NN, the market leader in the Dutch life insurance sector. It also has a presence in Central Eastern and the rest of Europe, as well as operations in Japan," Temasek said in a statement on Wednesday.

Temasek has been raising its exposure in the insurance sector in recent years.

As at 31 March 2013, Temasek holds 2 per cent of AIA Group and 1 per cent of China-based Ping An Insurance Group. 

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