MW : Macquarie buying Lincoln National unit for $428mln
LONDON (MarketWatch) -- Australia's Macquarie Group said Wednesday that it has agreed to buy asset manager Delaware Investments from Lincoln National Corp. (LNC 22.89, +0.67, +3.02%) for $428 million. Delaware employs 580 people and had assets under management of more than $125 billion at the end of June. Macquarie said the deal is part of its strategy to build a global asset management capability. Macquarie said the purchase price is subject to adjustment based on any change in net assets and added that Delaware will continue to manage certain insurance assets of Lincoln National under a long-term contract.
