Antartica Capital to take life insurance company Midwest private for $100m

• The transaction is expected to close in the second half of 2023
• RBC Capital Markets is serving as financial advisor to Midwest on the deal
• Based in New York, Antarctica Capital has approximately $1.5 billion as of December 31, 2022

Antartica Capital has agreed to acquire Lincoln, Nebraska-based Midwest Holding Inc, a life and annuity platform, in a take-private deal for $27 per share or about $100 million.

When the deal closes, Midwest will no longer trade on the NASDAQ.

On the transaction, Chandra Patel, managing partner of Antarctica Capital, said in a statement, “Midwest is an innovative insurance platform with an impressive team that has built a rapidly growing annuity business. The acquisition of Midwest represents a significant milestone for Antarctica’s insurance strategy. 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.”

The transaction is expected to close in the second half of 2023.

RBC Capital Markets is serving as financial advisor to Midwest on the deal.

Based in New York, Antarctica Capital has approximately $1.5 billion as of December 31, 2022.