The Baldwin Group to go private in $7.7 billion deal
Insurance broker The Baldwin Group has agreed to be acquired by Sequence Holdings and DFO Management in an all-cash transaction valued at approximately $7.7 billion.
Baldwin shareholders will receive $32.50 per share, an 88% premium to the company’s unaffected closing price on June 17, 2026. The deal values Baldwin’s equity at approximately $4.6 billion and includes the assumption or refinancing of approximately $3.1 billion in net debt.
Following the transaction, Baldwin will become privately held, with eligible employees retaining a significant minority stake alongside Sequence and DFO Management, the family investment office of Dell Technologies founder Michael Dell.
The transaction is expected to close in the first quarter of 2027.
“This transaction allows us to deliver immediate value to shareholders while establishing a partnership with Sequence and DFO that will give Baldwin the long-duration capital and frontier AI execution to invest and move at the pace this moment demands. Our vision and strategy are not changing. We remain committed to building the most diversified, vertically integrated insurance firm of the future, the destination for our industry’s best professionals. What changes is the pace of our investments in talent and technology. Moving faster on AI sharpens what we deliver for clients and elevates the work our colleagues do every day. Foundationally important, our colleagues will remain owners of what we build together.” – Trevor Baldwin, Chief Executive Officer of The Baldwin Group.
“Sequence brings leading engineering talent and patient capital to each of the businesses with which we partner in order to transform them into market leaders. With Baldwin, we look forward to working with the Company’s team to rebuild workflows, products, and services around what is now possible with technology — extending Baldwin’s lead as the insurance firm of the future.” – Michael J. Lee, Chief Executive Officer and Co-Founder, Sequence Holdings.
“Baldwin has built something rare in insurance distribution: a genuine data and platform advantage, compounded over 15 years, led by a team with a clear and differentiated vision. DFO invests with the flexibility and patience of permanent capital, not as a fund working against a fixed exit clock. That structure enables DFO to back proven operators like Trevor and his team for the long term. I am excited that the DFO team is partnering with Sequence Holdings to support Baldwin’s next chapter with patient capital and engineering and operational expertise.” – Michael Dell.
