LINCOLN, Neb. and new York, December 21, 2023 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), a technology-driven life and annuity platform, and Antarctica Capital (“Antarctic“), an alternative asset management company, today announced the completion of the acquisition of Midwest by a subsidiary of it Antarctic.
Georgette NikolaouCEO of Midwest, said: “Today marks the beginning of a new chapter for Midwest and we are excited to partner with Antarctic team to take full advantage of our market opportunities and drive future growth. This transaction was made possible by the outstanding contributions of our employees and partners, and we look forward to working with Antarctic to grow and create further value for the insured”.
Chandra PatelManaging Partner of Antarctica Capital, said: “Midwest's innovative insurance platform, including its rapidly growing annuity business, has significant untapped potential and we are delighted to welcome the Midwest team to Antarctic family of companies. The Midwest will be a key component of our retirement operations. We are confident that our deep expertise, existing partnerships and resources will accelerate Midwest's growth and further enhance its products and services.”
Midwest will continue to be led by its current leadership team and will retain its name, staff and headquarters in Lincoln, Nebraskaand functional nodes in New York and Vermont.
Under the terms of the transaction, Midwest shareholders are entitled to receive $27.00 in cash per share of common stock held immediately prior to the completion of the transaction. Upon completion of the transaction, Midwest's shares ceased trading and will no longer be listed on the Nasdaq.
Advisors
RBC Capital Markets served as Midwest's financial advisor. Insurance Advisory Partners LLC issued a fairness opinion to the Board of Directors in connection with the transaction. Fried, Frank, Harris, Shriver & Jacobson LLP served as transaction advisors and Lamson Duggan & Murray LLP and Primer Piper Eggleston Cramer PC served as an insurance regulatory consultant in the Midwest; Kirkland & Ellis LLP acted as legal counsel Antarctic for this transaction and Frohman Law Office LLC acted as regulatory counsel Antarctic.
About Midwest Holding Inc.
Midwest Holding Inc. is a technology-enabled, service-oriented annuity platform. Midwest designs and develops on-demand annuity products distributed through independent distribution channels to a large and growing demographic of US retirees. Midwest originates, manages and typically passes these annuities through reinsurance agreements to asset managers and other third-party investors. Midwest also provides the operational and regulatory infrastructure and expertise to enable asset managers and third-party investors to create and manage their own capital reinsurance vehicles. For more information, visit www.midwestholding.com.
About the capital of Antarctica
Antarctica Capital is a New York-based alternative asset management firm with assets under management of approx 1.5 billion dollars from December 31, 2022. Antarctica Capital is a registered investment advisor and is dedicated to investing in private markets and real estate and creating long-term funds to leverage this investment focus. Antarctica Capital's investment approach is active ownership with an inherent focus on sustainability and providing more than capital to growth companies. The firm has an absolute focus on performance, which leads the firm to rigorously evaluate and build conviction around idiosyncratic investment opportunities and create value through the execution of its investment strategies, such as SIGA®SARO® and SEREY™. For more information visit https://antarcticacapital.com/.
Contacts
Midwest Holdings
Investors: [email protected]
Media: [email protected] the Paul Caminiti / Nicholas LeisureReevemark, 212-433-4600
Antarctic Capital
Media: [email protected]
SOURCE Midwest Holding Inc.
