RADNOR, PA — Lincoln Financial (NYSE: LNC) has announced a strategic $825 million growth investment from Bain Capital, marking a major milestone for the company. The investment gives Bain Capital a 9.9% ownership stake in Lincoln and establishes a long-term partnership aimed at driving the financial services provider’s sustained growth and strategic initiatives.
Under the terms of the agreement, Bain Capital will purchase approximately 18.8 million shares of Lincoln’s common stock at $44 per share, representing a 25% premium to the company’s 30-day volume-weighted average price as of April 8, 2025. This deal also includes a 10-year non-exclusive investment management relationship, with Bain Capital providing expertise across asset classes such as private credit, structured assets, mortgage loans, and private equity.
“This announcement marks a pivotal milestone for Lincoln and highlights our commitment to delivering long-term value for our stakeholders,” said Ellen Cooper, Chairman, President, and Chief Executive Officer of Lincoln Financial. Cooper emphasized that the partnership aligns Lincoln with a respected investment firm and positions both organizations for mutual success.
David Gross, Co-Managing Partner at Bain Capital, echoed this sentiment, stating, “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.”
The capital infusion strengthens Lincoln’s ability to advance its strategic priorities, including enhancing portfolio management, growing earnings, optimizing its life insurance portfolio, and reducing its leverage ratio toward the company’s 25% target.
The transaction is subject to customary regulatory approvals and is expected to close during the second half of 2025. Goldman Sachs & Co. LLC served as financial advisor to Lincoln, while Bain Capital received guidance from Sumitomo Mitsui Banking Corporation.
This partnership represents a significant step for Lincoln as it builds on its 120-year legacy and works to unlock further opportunities for long-term growth and financial resilience. Looking ahead, the alignment with Bain Capital is poised to accelerate Lincoln’s strategy and enhance its value proposition for stakeholders.
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