Industry News
Lincoln Financial sells 9.9% stake to Bain Capital for $825m
Andrew Foerch / Apr 09, 2025
The private equity firm has agreed to buy roughly 18.8m shares of the insurance brokerage's stock.
Publicly traded insurance brokerage Lincoln Financial Group has agreed to sell a 9.9% stake to private equity giant Bain Capital, the firms said Wednesday.
Bain will pay $825m for approximately 18.8m shares of Lincoln’s common stock, which trades on the New York Stock Exchange under the ticker “LNC.” The all-cash transaction values Lincoln’s stock at $44 per share, based on what the companies said was a 25% premium to the stock’s 30-day volume-weighted average price as of April 8.
Shares of Lincoln were trading at $28.96 as of about 10:45 AM on Wednesday and had been hovering between $34 and $37 a share before the tariff-induced selloff began last week.
Lincoln indicated it will use the capital to fund growth as well as to reduce its leverage ratio to a target of 25% of its total capitalization. The deal is expected to close in the second half of this year.
In conjunction with the investment, the companies have entered into what Lincoln called a ‘10-year, non-exclusive strategic investment...
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