Capital One to buy ING Direct USA for $9 billion

  NEW YORK -- Capital One Financial says it's buying ING Direct USA in a deal valued at $9 billion.

Under the terms of the agreement, Netherlands-based ING Groep will receive $6.2 billion in cash and $2.8 billion in the form of about 56 million shares in Capital One, based on a share price of $50.07.

Capital One says the deal will make it the fifth-largest depository on the country.

ING Direct USA will hold onto the company's "orange ball" branding and use the ING Direct trademark for a transitional year.

The sale is part of ING's restructuring plan that was filed with the European Commission in 2009.

The deal will not impact ING's operations in other countries.

(Copyright ©2011 by The Associated Press. All Rights Reserved.)
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