Allen and Overy (A&O) has advised Dutch financial services company ING on the initial public offering (IPO) of its insurance arm NN Group, the largest public listing in Europe this year.

The listing on the Amersterdam stock exchange priced NN Group stock at €20 a share, valuing the company at €7bn (£5.55bn).

Davis Polk Wardwell's London office advised joint global co-ordinators JP Morgan, Morgan Stanley, Deutsche Bank and ING Bank on the deal, while an Amsterdam-based Linklaters team also took a role for the underwriters.

The sale of 77 million shares reduces ING's stake in NN – which regulators forced ING to spin off in 2008 as part of a bailout package – to 71.4%, raising €1.5bn (£1.19bn) for the group.

ING's Deal structuring and negotiations were led by A&O Amsterdam corporate partner and longstanding ING legal adviser Charles Honee. For the prospectus, the A&O team was led by corporate partner Tim Stevens, also based in Amsterdam.

Notarial advice was provided by corporate partner Gerbrand Visser, and the A&O team also included associates Jetty Tukker and Danielle Bune, all from the Amsterdam office.

The lead partner for Davis Polk is Jeffrey Oakes, who also recently advised Royal Mail on its IPO. The Davis Polk team included associates Julia Danforth, Won Juan Kim, and Christian Lang.

Meanwhile, Linklaters' Amsterdam capital markets partner Pim Horsten led a team acting for the underwriters.