ING Groep of Amsterdam has signed a definitive agreement to buy Aetna Financial and Aetna International of Hartford for $7.7 billion - $5 billion in cash plus the assumption of $2.7 billion of Aetna's total $5 billion of debt.

ING said the purchase would make it the largest deliverer of life insurance and annuity policies in the U.S. With the acquisition, it will have $176 billion in mutual fund and insurance assets under management and $20.2 billion in annual insurance premium income.

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