Lincoln Financial Group To Sell Wealth Management Business To Osaic

(RTTNews) - Lincoln Financial Group (LNC) Thursday announced that it agreed to sell its wealth management business to Osaic, Inc.

The transaction is expected to provide about $700 million of capital benefit to Lincoln upon closing, which is anticipated to be used primarily to increase the company's risk-based capital ratio.

Lincoln also plans to use a portion of the capital benefit to reduce its leverage ratio. There are no expected material impacts to ongoing free cash flow or earnings as a result of this transaction.

The transaction is expected to close in the first half of 2024, subject to customary closing conditions, including regulatory approvals.

The transaction will include the sale to Osaic of Lincoln Financial Advisors Corporation (LFA) and Lincoln Financial Securities Corporation (LFS) - the company's two independent broker-dealer and registered investment advisory firms.