Antarctica Capital, an international investment firm headquartered in New York, has bought Midwest Holding Inc., a technology-driven life and annuity company, in an all-cash transaction valued at approximately $100 million.
Midwest designs and develops annuity products that are distributed through distribution channels to a demographic of U.S. retirees. Midwest shareholders will receive $27 in cash per share. Following closing, Midwest will continue to be led by its current leadership team. In addition, Midwest is expected to maintain its name, personnel, headquarters in Lincoln, Neb. and operational hubs in New York and Vermont.
Antarctica brings to Midwest its investment management expertise and asset origination capabilities that will enable Midwest to enhance the value it provides to its policyholders,” states Chandra Patel, managing partner of Antarctica Capital. “In addition, we plan on utilizing our platform and existing partnerships to accelerate Midwest’s “capital light strategy” to drive future growth.”
RBC Capital Markets is serving as financial advisor to Midwest. Insurance Advisory Partners LLC has rendered a fairness opinion to the board of directors in connection with the proposed transaction. Fried, Frank, Harris, Shriver & Jacobson LLP is serving as transaction counsel and Lamson Dugan & Murray LLP and Primmer Piper Eggleston Cramer PC are serving as insurance regulatory counsel to Midwest. Kirkland & Ellis LLP is acting as legal advisor to Antarctica Capital on this transaction.