ING Offloads 85% Stake In Cobase To Alpha Group In Strategic Fintech Deal
Portfolio Pulse from Khyathi Dalal
ING Groep (NYSE:ING) has announced the sale of its 85% stake in fintech subsidiary, Cobase, to U.K.-listed Alpha Group. The deal is yet to be approved by the Dutch Central Bank. The remaining stake will be acquired through a performance-based earn-out between 2025 and 2028. The initial consideration for the deal is £8 million.
September 14, 2023 | 2:07 pm
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ING Groep has sold its 85% stake in Cobase to Alpha Group. The deal is pending approval from the Dutch Central Bank.
The sale of ING's stake in Cobase to Alpha Group is a significant move for the company. However, the impact on ING's stock price in the short term is uncertain as the deal is still pending approval from the Dutch Central Bank. The deal could potentially free up capital for ING and allow it to focus on its core operations.
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