(Reuters) – A unit of Prosperity Life Group agreed to buy life insurer National Western Life Group in a deal valued at $1.9 billion, the companies said on Monday.
The deal gives National Western a value of $500 per share, a premium of nearly 20% to its stock’s last close on Friday.
Mergers and acquisitions in the U.S. corporate space are starting to pick up pace after a dull 2022, boosted by hopes that the Federal Reserve could engineer a soft landing for the economy.
The acquisition is expected to close in the first half of 2024, the companies said.
(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber and Sherry Jacob-Phillips)
