Lincoln National Corporation and Jefferson-Pilot Corporation completed their merger today. The new entity will operate under the brand Lincoln Financial Group. It will remain listed on the New York Stock exchange as "LNC."
In the merger, which was announced in October 2005, Philadelphia-based Lincoln National acquired the Greensboro, North Carolina based-Jefferson-Pilot for $7.5 billion.
Jefferson-Pilot shareholders will receive 1.0906 Lincoln shares or $55.96 in cash for each of their shares. The cash payment to Jefferson-Pilot shareholders will total $1.8 billion (InvestmentNews, Oct. 17).
The merger creates a product portfolio of fixed and variable universal life insurance, fixed and equity indexed annuities, variable annuities, 401(k) and 403(b) offerings, and group life, disability and dental insurance products.