Nebraska Department of Insurance Approves Acquisition of Midwest Holding Inc. by Antarctica Capital

Rhea-AI Summary

Midwest Holding Inc. (NASDAQ: MDWT) receives approval for acquisition by Antarctica Capital, marking a significant development for the technology-driven life and annuity platform.

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
Investors: ir@midwestholding.com	Media: press@midwestholding.com
Antarctica Capital
Media: info@antarcticacapital.com

 

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SOURCE Midwest Holding Inc.

FAQ

What is the latest announcement from Midwest Holding Inc. (NASDAQ: MDWT)?

Midwest Holding Inc. (NASDAQ: MDWT) has received approval for acquisition by Antarctica Capital.

Who is involved in the acquisition of Midwest Holding Inc. (NASDAQ: MDWT)?

Antarctica Capital, an international investment firm, is acquiring Midwest Holding Inc. (NASDAQ: MDWT).

When is the expected closing date for the acquisition of Midwest Holding Inc. (NASDAQ: MDWT)?

The transaction is expected to close on or before the end of the current fiscal year.

What type of company is Midwest Holding Inc. (NASDAQ: MDWT)?

Midwest Holding Inc. (NASDAQ: MDWT) is a technology-driven life and annuity platform.

Who approved the acquisition of Midwest Holding Inc. (NASDAQ: MDWT)?

The Nebraska Department of Insurance has approved the acquisition of Midwest Holding Inc. (NASDAQ: MDWT) by Antarctica Capital.