(Bloomberg) — Dutch insurer Aegon Ltd. is looking to sell a 6% stake in ASR Nederland NV, the firm that bought its domestic operations, as it shifts its focus to the US.

Aegon is offering around 12.5 million shares in fellow insurer ASR through a placement with investors, according to a statement, cutting its holding to about 24%. The stake for sale would be worth about €720 million ($838 million) based on ASR’s closing price on Tuesday. ASR will buy back about 15% of the stock on sale for as much as €150 million.

The selldown in ASR is a further sign of Aegon’s shift away from the Netherlands to the US. Last month, Aegon said it was looking at making New York the primary trading venue for its stock alongside its Amsterdam listing and moving its legal domicile to the US. It expects to complete the review in the coming months.

The offering is also indicative of a rally in the price of ASR shares. Aegon’s Chief Financial Officer Duncan Russell said in February that the firm would only selldown its stake if the price was high enough or it had another use for the proceeds. ASR’s shares have risen 26% this year. Investor demand exceeded the stock available shortly after the deal was launched, according to terms seen by Bloomberg.

In 2022, Aegon agreed to combine its Dutch operations with ASR Nederland in a €4.9 billion deal with the intention of creating a dominant player in their home market. It then opted to shift its legal domicile to Bermuda as it no longer had a regulated insurance business in the Netherlands.

JPMorgan Chase & Co., Barclays Plc and Goldman Sachs Group Inc are arranging the offering.

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