North Western Lift to be bought out by a Prosperity Life affiliate for $500 a share

Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.

National Western Life Group Inc.

announced an agreement Monday to be acquired by Prosperity Life Group affiliate S. USA Life Insurance company in a cash deal valued at $1.9 billion. National Western’s stock has been halted for news until 8:45 a.m. Eastern. Under terms of the deal, each National Western share outstanding will be converted into the right to receive $500 in cash, which represents a premium of 19.8% to Friday’s closing price of $417.19 and is 7.9% above the Aug. 30 record close of $463.22.

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