(Adds deal details, financial and legal advisers)
Jan 19 (Reuters) - Lincoln Financial Group said on Friday it would buy fellow insurer Liberty Life Assurance Co of Boston for about $3.3 billion from Liberty Mutual to boost its presence in the group benefits market.
Under the deal, Lincoln will sell Liberty's individual life and annuity business to Protective Life Corp, a unit of Dai-ichi Life Holdings for $1.17 billion. (reut.rs/2mPdVKG)
The acquisition is expected to add to Lincoln's earnings per share in 2019. (reut.rs/2mR0Ro5)
Linclon said the deal, financed with cash and debt, is expected to be completed in the second quarter of 2018.
The company added it would temporarily suspend its share buyback program, resuming it no later than the third quarter.
Goldman Sachs was financial adviser to Lincoln Financial, while Wachtell, Lipton, Rosen & Katz was the legal adviser.
Barclays was financial adviser to Liberty Mutual, while Skadden, Arps, Slate, Meagher, & Flom was legal adviser. (Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur and Saumyadeb Chakrabarty)