Lincoln Financial Group, with operations in Hartford, has sold its Delaware Management Holdings Inc. unit to Australia’s Macquarie Group in a $452 million cash deal.
Delaware Management and its subsidiaries, known as Delaware Investments, was a Lincoln Financial division focused on asset management.
Delaware Investments will continue to manage Lincoln Financial general account insurance assets under a long-term contract signed as part of the acquisition.
Proceeds of the sale will be used by Lincoln Financial for general corporate purposes.
Philadelphia-based Lincoln Financial Group is the marketing name for Lincoln National Corp. and its affiliates, which offer life and disability insurance, 401(k) and 403(b) plans, annuities and financial planning services.
Macquarie Group Ltd has 70 offices in 26 countries. (AP)
