The Baldwin Group to Go Private Through Majority Investment by Sequence Holdings and Dell Family Office
Shareholders will receive $32.50 in cash per share, an approximately 88% premium, in a deal worth roughly $7.7 billion in total enterprise value.
TAMPA, Florida, September 14, 2026. The Baldwin Group entered a definitive agreement to go private. Sequence Holdings and DFO Management, the family investment office of Michael Dell, will acquire a majority interest in the company. The all-cash deal is worth approximately $7.7 billion in total enterprise value. That includes about $4.6 billion in equity purchase price and roughly $3.1 billion of net debt assumed or refinanced.
Baldwin shareholders will receive $32.50 in cash per share. That price represents an approximately 88% premium to the stock's closing price on June 17. Media reports about a potential deal first surfaced the next day. Baldwin will continue operating as a wholly owned subsidiary of the new parent company. Eligible Baldwin colleagues will retain a significant minority equity stake alongside Sequence and DFO.
"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," said Trevor Baldwin, chief executive officer of The Baldwin Group.
"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," said Michael Dell. "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."
Sequence Holdings is a New York-based holding company. It acquires established service-economy businesses and uses its Atlas technology platform to modernize their operations, workflows, products and services. The Baldwin Group is an independent insurance distribution and risk management firm. It serves individuals and businesses in the US and internationally. Its offerings span commercial and personal insurance, employee benefits, risk management, wholesale brokerage, reinsurance and technology-enabled insurance solutions.
The deal is expected to close in the first quarter of 2027. It remains subject to approval by Baldwin shareholders, required regulatory approvals and other customary closing conditions.