Lincoln Financial Group announced that Macquarie Group has completed its acquisition of Delaware Management Holdings, Inc. and its subsidiaries (Delaware Investments) for $451.8 million in cash, subject to customary post-closing adjustments.
Delaware Investments was a wholly owned subsidiary of Lincoln Financial, focused on asset management. In connection with the sale agreement, Delaware Investments will continue to manage Lincoln Financial general account insurance assets under a long-term contract, and will provide additional sub-advisory services.
Proceeds of the sale will be used for general corporate purposes.
Headquartered in the Philadelphia region, Lincoln Financial Group had assets under management of $137 billion as of September 30, 2009. Its affiliated companies offer annuities; life, group life and disability insurance; 401(k) and 403(b) plans; and comprehensive financial planning and advisory services.
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