By Adam Clark

Financial-services company ING Groep NV (INGA.AE) said Monday that it has agreed to acquire a 75% stake in Payvision, the Dutch provider of payments services.

ING said Payvision has a total value of 360 million euros ($447.4 million) and that the acquisition will expand ING's services to its business customers, especially in e-commerce.

Payvision's existing management will retain a 25% stake in the business and continue to lead the company, ING said.

Payvision was founded in 2002 and has offices in 10 cities in the U.S., Europe, and Asia, ING said.

ING said the deal is expected to close in the first quarter of 2018 and is not expected to have a material impact on its common equity tier 1 ratio, a key measure of capital strength.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

January 29, 2018 02:35 ET (07:35 GMT)

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