---
schema_version: "secwatch.filing_event.v1"
accession: "0000059558-25-000035"
form_type: "8-K"
ticker: "LNC"
cik: "0000059558"
company_name: "LINCOLN NATIONAL CORP"
filed_at: "2025-04-09T23:59:59+00:00"
generated_at: "2026-05-23T18:38:56.651300+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000059558-25-000035
- form_type: 8-K
- ticker: LNC
- cik: 0000059558
- company_name: LINCOLN NATIONAL CORP
- filed_at: 2025-04-09T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/59558/000005955825000035/0000059558-25-000035-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/59558/000005955825000035/lnc-20250409.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000059558-25-000035
- JSON: https://secwatch.observer/filing/0000059558-25-000035.json
- Plain text: https://secwatch.observer/filing/0000059558-25-000035.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.