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Lincoln Financial, a provider of retail life and annuity solutions and workplace benefits, has announced an investment of $825 million from global investment firm Bain Capital.
The parties have signed a definitive agreement, under which Bain Capital will acquire a 9.9% stake in Lincoln National.
This deal includes the sale of approximately 18.8 million shares of Lincoln’s common stock at $44 per share, reflecting a 25% premium to the 30-day volume-weighted average price as of April 8, 2025.
The all-cash deal is expected to be completed in the second half of 2025, subject to standard closing conditions, including regulatory approvals.
The investment is aimed at supporting Lincoln’s priorities, which include expanding spread-based earnings, enhancing asset sourcing capabilities, and optimizing its legacy life portfolio.
The company also anticipates gaining “financial flexibility” from the transaction, which it says will help accelerate its goal of reducing its leverage ratio to 25%.
Ellen Cooper, Lincoln Financial’s chairman, president, and CEO, stated: “This partnership aligns us with a highly reputable organization whose powerful platform and shared values and goals will enable us to accelerate the execution of our strategy.
“We are extremely pleased with the strategic and financial benefits of our mutual capabilities and believe this partnership positions us for future success.”
Lincoln Financial, which provides annuities, life insurance, group protection, and retirement plan services, reported $321 billion in end-of-period account balances as of December 31, 2024. The company serves approximately 17 million customers.
In addition to the stake purchase, Lincoln and Bain Capital signed a ten-year, non-exclusive investment management relationship.
Under this arrangement, Bain will manage investments across several asset classes, including private credit, structured assets, mortgage loans, and private equity.
David Gross, co-managing partner at Bain Capital, said: “For over 120 years, Lincoln has served as a trusted financial steward for millions of people.
“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. We look forward to working closely with the Lincoln team to further their organization in driving meaningful scale and profitable growth.”
For Lincoln Financial, Goldman Sachs acted as the financial advisor, while Wachtell, Lipton, Rosen & Katz served as the legal advisor.
Bain Capital secured legal counsel from Debevoise & Plimpton and Ropes and Gray, with Sumitomo Mitsui Banking Corporation acting as the structuring advisor.
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