Sequence Holdings and Dell Family Office to Take The Baldwin Group Private for $7.70 Billion

The Baldwin Group, Inc. (BWIN) entered a merger agreement on September 14, 2026, to be taken private by Sequence Holdings and DFO Management in a deal valued at $7.70 billion.

Deal Structure:

Baldwin shareholders will receive $32.50 in cash for each share of Baldwin common stock they hold, representing a premium of 9.61% from the stock’s last close.

Company Profile:

The Baldwin Group is the brand name of The Baldwin Insurance Group, Inc., an independent insurance distribution and risk management firm serving individuals and businesses across the U.S. and internationally. It provides commercial and personal insurance, employee benefits, risk management, wholesale brokerage, reinsurance, and technology-enabled insurance solutions.

Sequence is a New York-based holding company that acquires established service-economy businesses and uses its Atlas technology platform to modernize their operations, workflows, products and services.

DFO Management is the family office of Michael Dell, founder, Chairman and CEO of Dell Technologies (DELL), and his family, managing their investment assets across a range of asset classes. It was established in 1998 as MSD Capital and restructured as DFO in 2022.

Deal Details and Timeline:

Eligible Baldwin colleagues who currently hold equity will have the opportunity to roll over a portion of their holdings into the newly private company.

The merger is expected to close in Q1 2027.

Ardea Partners is the lead financial advisor to The Baldwin Group, while Davis Polk & Wardwell is providing legal advice. MarshBerry is also serving as a financial advisor. Perella Weinberg Partners is the independent financial advisor, and Potter Anderson & Corroon is the independent legal advisor to the Special Committee of Baldwin’s Board.

Piper Sandler is the lead financial advisor to Sequence and DFO. Morgan Stanley, Barclays, and Wells Fargo are also providing financial advice to Sequence and DFO. Latham & Watkins is providing legal advice to Sequence, while Sullivan & Cromwell is providing legal advice to DFO.

Sequence and DFO Management are paying 49.65 times Baldwin’s EBITDA.

Deal Metrics:

For more in-depth insights into this merger and acquisition transaction, please visit our Deal Metrics page by clicking the link below:

Detailed Metrics for the acquisition of The Baldwin Group, Inc. (BWIN) by Sequence Holdings and DFO Management

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• A detailed spread history chart illustrating the merger progression from its announcement to its eventual completion or failure.
• Significant occurrences as the merger advances through the expiration of the HSR period, regulatory approvals, shareholder votes, and more.
• News updates and SEC filings.
• A log of deal updates.
• And a plethora of additional information.

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Editor’s Note: Baranjot Kaur contributed to this article