M&A · Financials · Life Insurance
S. USA Life Insurance Company, Inc. to acquire National Western Life Group, Inc.
Announced Oct 10, 2023 · Closed Jul 9, 2024
Deal value—
Premium87.1%To unaffected price
EV / Adj. EBITDA—
ConsiderationNot disclosed$500.00 per share
Transaction
- Acquirer
- S. USA Life Insurance Company, Inc.
- Target
- National Western Life Group, Inc.
- Buyer type
- Strategic
- Offer price per share
- $500.00
- Enterprise value
- —
- Status
- Closed Jul 9, 2024
Deal protections
- Break fee (target pays)
- $66.5M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Wells Fargo, Citigroup, Goldman Sachs
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs
Sector context · Financials
- Comparable deals
- 65 in the prior 24 months
- Premium
- 87.1% vs. 34.5% sector median
- EV / Adj. EBITDA
- Sector median 22.5x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedOct 10, 2023
- Proxy filedNov 9, 2023
- Definitive proxyNov 30, 2023
- Shareholder voteJan 8, 2024
- ClosedJul 9, 2024
Valuation · fairness opinions
Discounted cash flow$171.00$360.00
Future share price$198.00$424.00
Precedent transactions$552.00$1,238.00
Premiums paid$309.00$426.00
Offer $500.00
Implied value per National Western Life Group, Inc. share by analysis, from Goldman Sachs · DCF discount rate 8.75%–10.75%.