LINCOLN,
Neb. and NEW YORK,
Dec. 21,
2023 /PRNewswire/ -- Midwest Holding Inc. ("Midwest")
(NASDAQ: MDWT), a technology-driven life and annuity platform, and
Antarctica Capital ("Antarctica"),
an alternative asset management firm, today announced the
completion of the acquisition of Midwest by an affiliate of
Antarctica.
Georgette Nicholas, Chief
Executive Officer of Midwest, said, "Today marks the beginning of a
new chapter for Midwest, and we are excited to work with the
Antarctica team to fully
capitalize on our market opportunity and drive future growth. This
transaction was made possible by the outstanding contributions of
our employees and partners, and we look forward to collaborating
with Antarctica to grow and create
further value for policyholders."
Chandra Patel, Managing Partner
of Antarctica Capital, said, "Midwest's innovative insurance
platform, including its fast-growing annuity business, has
significant untapped potential, and we are very pleased to welcome
the Midwest team into the Antarctica family of companies. Midwest will
be a key component of our retirement services business. 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 maintain its name, personnel, headquarters in Lincoln, Nebraska, and operational hubs in
New York and Vermont.
Pursuant to the terms of the transaction, Midwest shareholders
are entitled to receive $27.00 in
cash per share of common stock owned immediately prior to
completion of the transaction. With the completion of the
transaction, Midwest shares have ceased trading and will 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 and Frohman Law
Office LLC acted as regulatory counsel to Antarctica.
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 alternative asset management 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
Investors: ir@midwestholding.com
Media: press@midwestholding.com or Paul Caminiti / Nicholas
Leasure, Reevemark, 212-433-4600
Antarctica Capital
Media: info@antarcticacapital.com
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SOURCE Midwest Holding Inc.