RADNOR, PA — Lincoln Financial (NYSE: LNC) and Bain Capital have officially closed their long-term strategic partnership, marking a key milestone in the companies’ collaboration. First announced on April 9, 2025, the agreement includes an $825 million strategic growth investment from Bain Capital, which now holds a 9.9% common equity stake in Lincoln Financial on a post-issuance basis. The partnership also establishes a 10-year non-exclusive strategic investment management relationship.
Under the finalized terms, Lincoln issued 18,759,497 new common shares to Bain Capital at $44.00 per share, reflecting a 25% premium to the 30-day volume-weighted average price as of April 8, 2025. The capital is earmarked for key strategic initiatives, including expanding spread-based earnings, enhancing asset management and sourcing, and optimizing the legacy life insurance portfolio. Additionally, the deal will help Lincoln achieve its leverage ratio target of 25%.
“We’re incredibly pleased to launch our strategic partnership with Bain Capital, creating significant opportunities for long-term value generation with a focus on advancing Lincoln’s goal of sustained profitable growth,” said Ellen Cooper, Chairman, President, and Chief Executive Officer of Lincoln Financial. “Bain Capital’s powerful platform, deep cultural fit and shared values will further differentiate us competitively and enable us to accelerate the execution of our strategy. The strategic and financial benefits of our mutual capabilities position us for enduring future success.”
David Gross, Co-Managing Partner at Bain Capital, also expressed enthusiasm about the partnership, stating, “This partnership with Lincoln Financial reflects our conviction in the company’s long-term strategy and the opportunity to create meaningful value through a well-capitalized, aligned growth plan. We are excited to support Lincoln in accelerating its portfolio transformation and capital allocation priorities, while leveraging Bain Capital’s platform across asset classes to deliver differentiated investment capabilities and long-term scale.”
The finalized agreement underscores a shared commitment by Lincoln and Bain Capital to achieving profitable growth and bolstering Lincoln’s competitive edge through strategic investments and portfolio innovation. The partnership is poised to drive long-term value creation for stakeholders across both organizations.
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