Citigate Dewe Rogerson appointed for NN Group IPO
NN Group, the international insurance and investment management giant, has brought in Citigate Dewe Rogerson to manage communications for its IPO, expected to be Europe’s largest so far this year.
CDR Executive Directors Andrew Hey and Grant Ringshaw are working on international communications for the flotation together with CDR’s Amsterdam operation, Citigate First Financial, which is advising NN on domestic PR and IR for the float under its MD, Uneke Dekkers.
NN Group has been formed from the insurance and asset management businesses of ING bank which is selling NN in compliance with EC state aid remedies imposed following the financial crisis.
With 15 million clients, NN is The Netherlands’ number one life insurer and has strong market positions in life-, non-life insurance and investment management across 17 countries across Central and Eastern Europe and Japan. Focused on delivering shareholder returns, it is transforming the efficiency of its domestic operations while exploiting growth opportunities internationally. NN is floating with one of the strongest balance sheets in the industry and generated Eur 905 million in pre-tax operating profit in 2013 which it aims to grow between 5%-7% per anum over the medium term.
The offer is being led by Morgan Stanley, JP Morgan, ING and Deutsch Bank and will comprise the sale of a minority stake in NN Group’s equity to international institutional investors and to institutional and retail investors in the Netherlands. The Group has already secured pre-IPO investment commitments amounting to Eur 1.275bn in equity and convertible bonds from Asian-based anchor investors RRJ Capital, Singapore’s sovereign wealth fund Temasek and its SeaTown affiliate.