FORT WAYNE, Ind. (WOWO):  Officials from Lincoln Financial Group announced that they have agreed to sell its wealth management business.

The sale is to to Osaic, Inc. According to our partners in news at 21Alive, Lincoln Financial Group officials say that the transaction is expected to provide about $700 million of capital benefit to Lincoln once the deal is closed. The company states that it plans to use that money to be used “primarily to increase the company’s risk-based capital ratio.”

Lincoln Financial Group is one of the largest employers in Fort Wayne employing around 2,000 people. Fort Wayne employees received a letter earlier this week about the sale. However, the letter did not indicate how the sale would impact employees. The deal is expected to close in the first half of 2024.