Nationwide Western sale secures all approvals

Nationwide Western Life Group has secured all vital regulatory approvals for its sale to SUSA (S. USA Life Insurance coverage Firm), an affiliate of Prosperity Life Group.

With full go-ahead in place, the all-cash merger is now poised to be accomplished no later than July 11. As introduced final October, SUSA is buying Nationwide Western in a transaction valued at roughly $1.9 billion.   

“Every issued and excellent share of Nationwide Western widespread inventory will likely be transformed into the suitable to obtain $500 in money at closing of the merger,” the 2 camps famous when the deal was first unveiled.

“The merger consideration of $500 per share of Nationwide Western’s Class A typical inventory and Class B widespread inventory represents an 87.1% premium to the unaffected Class A typical inventory share worth of $267.29 on Could 16, 2023, in addition to an 11.8% premium over Nationwide Western’s 30-day volume-weighted common worth as of October 6, 2023.”

Forward of completion, the sale was accepted by Nationwide Western’s board and by the holders of a majority of the corporate’s excellent shares.

“That is an thrilling second in Nationwide Western’s historical past,” board chair and chief govt Ross R. Moody beforehand mentioned.

“I want to thank our board of administrators, notably our strategic alternatives committee of unbiased administrators, which performed a radical assessment of a variety of strategic alternate options and doable enterprise alternatives to maximise worth for our stockholders. The transaction gives clear and instant worth for our stockholders at a sexy premium.”

On the time, Prosperity Life Group and CEO Nicholas von Moltke highlighted: “The acquisition of Nationwide Western represents a major milestone within the continued growth of our insurance coverage enterprise.

“We look ahead to welcoming Nationwide Western to Prosperity Life Group. Nationwide Western’s capabilities will additional complement our ambition to ship a compelling worth proposition to our policyholders and the corporate.”

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