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VOYA FINANCIAL, INC. FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Change in Directors or Principal Officers, Financial Statements and Exhibits

September 2, 2014



Item 1.01 Entry into a Material Definitive Agreement

Share Repurchase Agreement with ING Group

On September 1, 2014, Voya Financial, Inc. (the "Company") entered into a Share Repurchase Agreement (the "Share Repurchase Agreement") with ING Groep N.V. ("ING Group"), pursuant to which the Company will acquire from ING Group, subject to certain terms and conditions, shares of the Company's common stock having an aggregate purchase price of $300 million (the "Direct Share Buyback"). Pursuant to the Share Repurchase Agreement, the per share purchase price paid by Voya Financial will be equal to the per share purchase price to be paid by the underwriters in the registered public offering by ING Group of shares of the Company's common stock (the "Public Offering") described in a preliminary prospectus supplement filed with the Securities and Exchange Commission and dated September 2, 2014.

The Direct Share Buyback and the entry into the Share Repurchase Agreement were each authorized by a special committee of the Company's Board of Directors consisting solely of independent and disinterested directors (the "Independent Committee"), which was formed for the sole purpose of considering the Direct Share Buyback. The Independent Committee retained independent financial and legal advisors for purposes of its deliberations.

Pursuant to the Share Repurchase Agreement, the Direct Share Buyback will be subject to a number of conditions, including:

The successful completion of the Public Offering; That upon the completion of the Public Offering and the Direct Share Buyback, ING Group and its affiliates will beneficially own, in the aggregate, less than 35% of the issued and outstanding shares of the Company's common stock; The resignation from the Company's Board of Directors, effective as of the time of the closing of the Direct Share Buyback, of one director who is designated as an "ING Group Director" for purposes of the Company's Shareholder Agreement, dated as of May 7, 2013, with ING Group; and The receipt by the Company of a fairness opinion, in form satisfactory to the Independent Committee, from Greenhill & Co., LLC, the Independent Committee's financial advisor.



The Company expects to fund the Direct Share Buyback from existing cash on hand.

The Direct Share Buyback is being made pursuant to the Company's existing authorization to repurchase shares of its common stock. Following the completion of the Direct Share Buyback, the Company expects that the remaining authorization under the Share Repurchase Program would permit future repurchases by the Company of shares of common stock having an aggregate purchase price of up to approximately $210 million.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain

Officers. Departure of Director



On September 1, 2014, the Company entered into the Share Repurchase Agreement. Pursuant to the Share Repurchase Agreement, the Direct Share Buyback is subject to a number of conditions, including the resignation from the Company's Board of Directors, effective as of the time of the closing of the Direct Share Buyback, of one director who is designated as an "ING Group Director" for purposes of the Company's Shareholder Agreement, dated as of May 7, 2013, with ING Group.

To satisfy the condition of the Direct Share Buyback related to the director resignation, on September 2, 2014, Hendricus A. Koemans, one of the Company's directors designated as an "ING Group Director," submitted a letter of resignation to the Company effective as of the time of the closing of the Direct Share Buyback. The Direct Share Buyback is expected to close on September 8, 2014.

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Item 9.01 Financial Statements and Exhibits

(d) Exhibits 10.1 Share Repurchase Agreement, dated as of September 1, 2014, between the Company and ING Groep N.V.



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Source: Edgar Glimpses


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