ING in Divestiture of Advisors Network Business
November 2, 2009
Cleary Gottlieb is representing ING in the sale of three of its broker-dealers -- PrimeVest Financial Services Inc., Financial Network Investment Corporation and Multi-Financial Securities Corporation -- to Lightyear Capital LLC, a New York based private equity firm. Operating independently under the umbrella of ING Advisors Network, the three broker-dealers had combined gross revenues for the twelve months ended June 30 of approximately $653 million. ING will retain its two other broker-dealer businesses. The terms of the transaction were not publicly disclosed. The transaction is expected to close in the first quarter of 2010, subject to regulatory approval and other customary conditions.