Lincoln Financial and Bain Capital have announced a long-term strategic partnership, with Bain Capital acquiring a 9.9% ownership stake in Lincoln for $825 million.
As part of the deal, the two companies will establish a 10-year investment management relationship. Bain Capital will serve as an investment manager across a range of asset classes, including private credit, structured assets, mortgage loans, and private equity.
This partnership gives Lincoln access to a sustained source of high-quality private asset classes with differentiated risk-adjusted returns, enhancing Lincoln’s existing multi-manager platform.
Ellen Cooper, Chairman, President and Chief Executive Officer of Lincoln Financial, said, “Today’s announcement marks a pivotal milestone for Lincoln and highlights our commitment to delivering long-term value for our stakeholders.
“This partnership aligns us with a highly reputable organisation whose powerful platform and shared values and goals will enable us to accelerate the execution of our strategy. We are extremely pleased with the strategic and financial benefits of our mutual capabilities and believe this partnership positions us for future success.”
David Gross, Co-Managing Partner at Bain Capital, added, “For over 120 years, Lincoln has served as a trusted financial steward for millions of people.
“This long-term, strategic relationship reflects our commitment to advancing Lincoln’s future by providing access to our high-quality investment platform, expertise across asset classes, and value-added capital. We look forward to working closely with the Lincoln team to further their organisation in driving meaningful scale and profitable growth.”
The companies have signed a definitive agreement for Bain Capital to acquire a 9.9% equity stake in Lincoln National Corporation (LNC) for $825 million in an all-cash transaction. LNC will sell approximately 18.8 million shares of common stock at $44.00 per share, a 25% premium to the 30-day volume-weighted average price as of April 8, 2025.
The transaction will provide Lincoln with capital to invest in its strategic priorities, such as growing spread-based earnings, enhancing portfolio management, and optimising its legacy life portfolio. It also offers Lincoln financial flexibility to accelerate its goal of reducing its leverage ratio toward its 25% target.
The transaction is expected to close in the second half of 2025.
Goldman Sachs & Co. LLC acted as financial advisor, and Wachtell, Lipton, Rosen & Katz served as legal advisor to Lincoln Financial. Sumitomo Mitsui Banking Corporation acted as structuring advisor, and Debevoise & Plimpton LLP and Ropes & Gray LLP served as legal advisors to Bain Capital.
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