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Lincoln Sells Delaware Investments To Macquarie

Transaction will allow the company to focus on core insurance and retirement businesses

Philadelphia-based Lincoln Financial Group (Lincoln), a provider of annuities, life, group life and disability insurance, has signed an agreement to sell Delaware Management Holdings, and its subsidiaries (Delaware Investments), its asset management unit, to Macquarie Group.

Under this agreement, Lincoln is expected to receive cash consideration of around $428m. The transaction is expected to close in December 2009. By close, the company expects that its distribution team for Delaware Investments’ funds and separately managed accounts will move from its wholesale distribution arm, Lincoln Financial Distributors, to Delaware Investments.

Dennis Glass, president and CEO, Lincoln Financial Group, said: We believe the greatest opportunities for growth and differentiation for Lincoln Financial going forward are centered on our principal insurance and retirement businesses. This transaction will allow us to focus both management and capital resources on these core businesses.

We look forward to continuing our strategic relationship with the Delaware Investments team as it becomes a key part of Macquarie’s global asset management platform, he added.

Macquarie Group is a Sydney-based global provider of banking, financial, advisory, investment and funds management services.