Lincoln Financial Holdings has announced a deal to sell Delaware Management Holdings—which includes subsidiary Delaware Investments—to Macquarie Group.

Lincoln Financial expects to receive approximately $428 million in cash. The transaction will close on or around Dec. 31, 2009. Delaware Investments will continue to manage Lincoln Financial’s general account insurance assets under a long-term contract. It will also provide sub-advisory services.

In a separate statement on its website, Sydney, Australia-based Macquarie Group said the combined assets under management following the acquisition would exceed $300 billion. As of June 30, Delaware Investments had roughly $125 billion in assets under management.

The team at Delaware Investments will remain in its Philadelphia headquarters, and continue to serve its existing clients in the same manner. Additionally, Delaware Investments will offer its clients opportunities to invest in Macquarie’s investment strategies, which would include real assets, global fixed-income and alternative investments.

Similarly, Macquarie will offer its clients “investment solutions involving Delaware’s investment strategies,” the firm said in the statement.

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