LINCOLN,
Neb. and NEW YORK,
Dec. 14,
2023 /PRNewswire/ -- Midwest Holding Inc.
("Midwest") (NASDAQ: MDWT), a technology-driven life and annuity
platform, and Antarctica Capital ("Antarctica"), an international investment
firm, today announced receipt of approval from the Nebraska
Department of Insurance for the acquisition of Midwest by an
affiliate of Antarctica. The
transaction is expected to close on or about December 20, 2023.
Pursuant to the terms of the transaction, Midwest shareholders
will receive $27.00 in cash per share
of common stock they own immediately prior to the completion of the
transaction. With the completion of the transaction, Midwest shares
will cease trading and no longer be listed on the Nasdaq.
Advisors
RBC Capital Markets served as financial advisor to Midwest.
Insurance Advisory Partners LLC rendered a fairness opinion to the
Board of Directors in connection with the transaction. Fried,
Frank, Harris, Shriver & Jacobson LLP served as transaction
counsel and Lamson Dugan &
Murray LLP and Primmer Piper Eggleston
Cramer PC served as insurance regulatory counsel to Midwest.
Kirkland & Ellis LLP acted as legal advisor to Antarctica on this transaction.
About Midwest Holding Inc.
Midwest Holding Inc. is a technology-enabled, services-oriented
annuity platform. Midwest designs and develops in-demand annuity
products that are distributed through independent distribution
channels to a large and growing demographic of U.S. retirees.
Midwest originates, manages, and typically transfers these
annuities through reinsurance arrangements 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 form and manage their own
reinsurance capital vehicles. For more information, please
visit www.midwestholding.com.
About Antarctica Capital
Antarctica Capital is an international investment firm
headquartered in New York with assets under management of
approximately $1.5 billion as of
December 31, 2022. Antarctica Capital
is a registered investment advisor and is dedicated to investments
in private markets and real assets and the establishment of
long-term capital vehicles 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 develop companies. The firm has an absolute return focus, which
leads the firm to rigorously evaluate and build conviction around
idiosyncratic investment opportunities and build value through the
implementation of its investment strategies, such as
SIGA®, SARO® and SEREY™. For more information
visit https://antarcticacapital.com/.
Contacts
Midwest
Holding
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Investors:
ir@midwestholding.com
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Media:
press@midwestholding.com
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Antarctica
Capital
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Media:
info@antarcticacapital.com
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SOURCE Midwest Holding Inc.