Antarctica Capital’s affiliate concludes acquisition of Midwest

Different asset administration firm Antarctica Capital, via its affiliate, has wrapped up the acquisition of Midwest Holding, a technology-driven life and annuity platform.

Midwest specialises in designing and growing in-demand annuity merchandise.

These merchandise are distributed through completely different unbiased distribution channels to cater to a big and rising demographic of US retirees.

Midwest’s work additionally entails originating, managing and transferring annuities to asset managers and different third-party traders via reinsurance preparations.

As per the phrases of the transaction, Midwest shareholders are entitled to obtain $27 in money per share of frequent inventory owned instantly previous to the completion of the transaction.

Midwest shares will now not be traded and listed on the Nasdaq Inventory Market.

The deal won’t affect the present management workforce at Midwest.

The annuity platform will retain its identify, personnel and headquarters in Lincoln, Nebraska, in addition to its operational hubs in New York and Vermont.

Midwest CEO Georgette Nicholas stated: “At present marks [the] starting of a brand new chapter for Midwest, and we’re excited to work with [the] Antarctica workforce to totally capitalise on our market alternative and drive future progress.

“This transaction was made potential by the excellent contributions of our workers and companions, and we sit up for collaborating with Antarctica to develop and create additional worth for policyholders.”

RBC Capital Markets served as Midwest’s monetary advisor, whereas Fried, Frank, Harris, Shriver & Jacobson served as transaction counsel to Midwest for the transaction.

Midwest’s insurance coverage regulatory counsel had been Lamson Dugan & Murray and Primmer Piper Eggleston Cramer.

In the meantime for Antarctica, Kirkland & Ellis served as authorized advisor and Frohman Regulation Workplace acted as regulatory counsel.

Antarctica Capital managing accomplice Chandra Patel added: “Midwest’s modern insurance coverage platform, together with its fast-growing annuity enterprise, has vital untapped potential, and we’re more than happy to welcome [the] Midwest workforce into [the] Antarctica household of corporations.

“Midwest might be a key element of our retirement companies enterprise. We’re assured that our deep experience, present partnerships and assets will speed up Midwest’s progress and additional improve its services and products.”

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