National Western Life Group (NASDAQ:NWLI) and Prosperity Life Group have jointly announced that their impending merger has received all necessary regulatory approvals and is expected to close by July 11, 2024.

The $1.9 billion all-cash transaction will see S. USA Life Insurance Company (SUSA), a Prosperity Life Group subsidiary, acquiring National Western.

Additionally, each share of National Western common stock will be converted into the right to receive $500 in cash at closing.

The transaction was unanimously approved by National Western’s board of directors and a majority of its shareholders in January 2024.