In a statement, Lincoln Financial (the marketing name for Lincoln National Corp.) said it signed a definitive stock purchase agreement to sell Philadelphia, Pennsylvania-based Delaware Investments (the marketing name for Delaware Management Holdings, Inc.) and its subsidiaries to Macquarie, a global provider of banking, financial, advisory, investment, and funds management services.

“We believe the greatest opportunities for growth and differentiation for Lincoln Financial going forward are centered on our principal insurance and retirement businesses,” said Dennis R. Glass, president and CEO at Lincoln Financial Group. “This transaction will allow us to focus both management and capital resources on these core businesses.”

The deal, expected to close December 31, cost Macquarie $428 million, which will help Lincoln pay back a portion of the $950 million it has accepted in federal funds, according to Bloomberg. In April, Lincoln said it was putting Delaware on the block (see “Reuters: Lincoln to Sell Delaware Asset Management Unit”).

Lincoln said it is committed to “providing access to high-quality asset management services” for retirement and insurance products through sub-advisory relationships, such as Delaware Investments.

Delaware Investments will continue managing Lincoln Financial general account insurance assets under a long-term contract, and will provide additional sub-advisory services, according to Lincoln. The firm also expects that, before the deal closes, its distribution team for Delaware Investments’ funds and separately managed accounts will move from its wholesale distribution arm, Lincoln Financial Distributors, Inc., to Delaware Investments.