Alternative asset management company Antarctica Capital, through its affiliate, has wrapped up the acquisition of Midwest Holding, a technology-driven life and annuity platform.
Midwest specialises in designing and developing in-demand annuity products.
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These products are distributed via different independent distribution channels to cater to a large and growing demographic of US retirees.
Midwest’s work also involves originating, managing and transferring annuities to asset managers and other third-party investors through reinsurance arrangements.
As per the terms of the transaction, Midwest shareholders are entitled to receive $27 in cash per share of common stock owned immediately prior to the completion of the transaction.
Midwest shares will no longer be traded and listed on the Nasdaq Stock Market.
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By GlobalDataThe deal will not impact the current leadership team at Midwest.
The annuity platform will retain its name, personnel and headquarters in Lincoln, Nebraska, as well as its operational hubs in New York and Vermont.
Midwest CEO Georgette Nicholas said: “Today marks [the] beginning of a new chapter for Midwest, and we are excited to work with [the] Antarctica team to fully capitalise 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.”
RBC Capital Markets served as Midwest’s financial advisor, while Fried, Frank, Harris, Shriver & Jacobson served as transaction counsel to Midwest for the transaction.
Midwest’s insurance regulatory counsel were Lamson Dugan & Murray and Primmer Piper Eggleston Cramer.
Meanwhile for Antarctica, Kirkland & Ellis served as legal advisor and Frohman Law Office acted as regulatory counsel.
Antarctica Capital managing partner Chandra Patel added: “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.”
