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Lincoln To Sell London Investment Unit For $199 Million

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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.

Delaware expects the deal to generate a profit of about $46 million, Lincoln reports.

Tilles, who will lead the newly spun-off firm, expects to keep all of the 90 employees who work in the firm’s London offices and all of the 14 employees who have been working in the firm’s Philadelphia offices, Lincoln says.

Lincoln wants to continue to use the unit to manage Lincoln and Delaware mutual funds, but continuation of fund sub-advisory arrangements is subject to the approval of the funds’ boards and shareholders, Lincoln says.


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