Four Firms Lead Antarctica Capital’s Buy of Insurer Midwest

At least four law firms are shepherding an agreement by “tech-powered” insurance and annuity platform Midwest Holding Inc. to be acquired by an affiliate of investment firm Antarctica Capital for around $100 million.

Fried Frank is serving as transaction counsel, while Lamson Dugan & Murray LLP and Primmer Piper Eggleston Cramer are serving as insurance regulatory counsel to Midwest. Under the agreement’s terms, Midwest shareholders will receive $27 in cash per share, representing a 97% premium on the company’s closing share price on April 28, according to a statement.

Kirkland & Ellis is advising Antarctica Capital on the transaction, which ...