Lincoln To Sell London Investment Unit For $199 Million

NU Online News Service, May 5, 2004, 1:35 p.m. EDT – Lincoln Financial Corp., Philadelphia, is selling a London-based investment unit to the unit’s managers for $172 million in cash and $27 million in other consideration.[@@]

The unit, Delaware International Advisers Ltd., has been managing about $19 billion of the $110 billion in assets at Lincoln’s Delaware Investments unit.

David Tilles, the unit’s chief investment officer, and other managers are buying the unit with backing from Hellman & Friedman L.L.C., San Francisco, Lincoln says.