Lincoln National Corp. (LNC), operating under the marketing name Lincoln Financial Group, said Monday that it has completed the sale of Delaware Investments for $451.8 million in cash to Sydney, Australia-based financial services firm Macquarie Group (MQBKY.PK). The company expects to use the proceeds of the sale for general corporate purposes.
The cash consideration of the deal, which was announced in August, is subject to customary post-closing adjustments. In August, the company said using the proceeds it may retire a part of the CPP preferred shares outstanding when it is appropriate to do so.
Even after the transaction, Delaware will remain headquartered in Philadelphia, and its President, Patrick Coyne, and his management team will continue to run the asset management firm, Lincoln noted.
According to a long-term contract, Delaware Investments or Delaware Management Holdings, Inc. and its subsidiaries will continue to manage Lincoln Financial's general account insurance assets and provide additional sub-advisory services.
LNC is currently trading at $25.89, up $1.01 or 4.06% on a volume of 3.11 million shares on the NYSE. MQBKY. PK is currently trading at $44.59, up $1.09 or 2.51%. Monday, MQG closed at A$48.00 on the ASX.
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