By Colin Kellaher
Lincoln National is selling a 9.9% stake to Bain Capital for $825 million as part of a an investment-management partnership with the private investment firm.
Lincoln on Wednesday said it will sell nearly 18.8 million shares to Bain at $44 apiece, a 52% premium to Tuesday's closing price of $28.95 for the Radnor, Pa., insurer.
Lincoln said it plans to enter into a 10-year, non-exclusive strategic investment-management relationship with Bain under which the Boston firm will become an investment manager across a variety of asset classes, including private credit, structured assets, mortgage loans and private equity.
Lincoln said the deal provides growth capital to use toward its strategic priorities, including growing spread-based earnings, advancing its portfolio-management efforts and asset-sourcing capabilities, and optimizing its legacy life portfolio.
The company said it also gains financial flexibility to accelerate its goal of reducing its leverage ratio towards its 25% target.
The deal is slated to close in the second half of the year.
Lincoln shares, which had fallen nearly 20% this month through Tuesday amid the tariff-induced market rout, were recently up 12% to $32.32 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 09, 2025 08:39 ET (12:39 GMT)
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