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PHILADELPHIA (AP) - North Carolina regulators approved Lincoln National Corp.'s $7.5 billion acquisition of rival insurance company Jefferson-Pilot Corp., the last major regulatory hurdle the deal faced.
The North Carolina Department of Insurance approved the deal, Lincoln National officials said Monday. Lincoln National, the parent group of the Lincoln Financial Group of companies, expects to close the deal on April 3 and said cash or Lincoln National shares will be distributed as part of the deal within 10 business days of the closing.
Lincoln National shareholders approved the deal last week.
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