Lincoln sells 9.9% stake to Bain Capital for $825M; 10-year asset mgmt pact

LINCOLN NATIONAL CORP

Bain Capital buys ~18.8M shares at $44.00/share, a 25% premium to 30-day VWAP.
Transaction provides $825M growth capital; expected to close H2 2025.
Bain Capital gets board observer rights, later voting board seat after 1 year.
Bain Capital will manage $1.4B of general account assets, growing to $20B over 6 years.
Lincoln intends to use capital to reduce leverage toward 25% target and fund strategic priorities.

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