Lincoln Financial jumps on $825 million investment from Bain Capital

Insurer Lincoln Financial's LNC.N shares jump 9% to $31.56 premarket

Investment firm Bain Capital will acquire 9.9% stake in LNC for about $825 million, the insurer announces

Bain will also become LNC's investment manager across asset classes including private credit

LNC will sell about 18.8 million shares at $44 apiece, a 52% upside to stock's last close

Bain has agreed to some limitations and restrictions on its ability to divest the stake

Transaction, expected to close in second half of 2025, provides LNC with capital to grow its earnings and boost its portfolio management efforts

Goldman Sachs was the financial adviser to LNC, while Sumitomo Mitsui Banking Corporation was the structuring adviser to Bain

As of last close, LNC stock down 8.7% YTD