National Western Life Group, Inc. (NWLI) Monday announced an agreement to be acquired by Prosperity Life Group in an all-cash transaction valued at around $1.9 billion.
Under the deal, Prosperity Life's unit S. USA Life Insurance Co., Inc. or SUSA will make the purchase. Each issued and outstanding share of National Western common stock will be converted into the right to receive $500 in cash at closing of the merger.
The merger consideration of $500 per share of National Western's Class A Stock and Class B Stock represents an 87.1% premium to the unaffected Class A Stock share price of $267.29 on May 16.
The deal has received the unanimous approval of National Western's Board of Directors, and is expected to close in the first half of 2024, subject to certain customary closing conditions.
The merger closure is not conditioned on receipt of financing by Prosperity Life Group or its affiliates.
Nicholas von Moltke, President and Chief Executive Officer of Prosperity Life Group, said, "The acquisition of National Western represents a significant milestone in the continued expansion of our insurance business. …. National Western's capabilities will further complement our ambition to deliver a compelling value proposition to our policyholders and the company."
In the deal, Citi is serving as financial advisor to Prosperity Life Group and SUSA. Goldman Sachs & Co. LLC serves as financial advisor to National Western.
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