Baldwin to go private in $7.7bn Sequence and DFO deal

December 2026 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

December 2026 Issue

In a deal that will take the insurance giant private, technology holding company Sequence Holdings and private investment firm DFO Management will acquire a majority interest in The Baldwin Group in an all-cash transaction valued at approximately $7.7bn.

Under the terms of the definitive agreement, Baldwin shareholders will receive $32.50 in cash for each share of Baldwin common stock they hold, representing a premium of approximately 88 percent to the unaffected closing price on 17 June 2026.

Upon completion of the transaction, shares of Baldwin common stock will no longer be listed on Nasdaq and the company will become privately held.

The Baldwin Group, the brand name for The Baldwin Insurance Group and its affiliates, is an independent insurance distribution firm representing more than 3 million customers across the US and internationally.

“This transaction establishes 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 of The Baldwin Group. “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.”

The transaction was unanimously approved by Baldwin’s board of directors following the unanimous recommendation of a special committee comprising independent, disinterested directors advised by independent legal and financial advisers.

“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, founder, chairman and chief executive of Dell Technologies. “DFO invests with the flexibility and patience of permanent capital – a structure that enables us to back proven operators like Baldwin and support its next chapter with patient capital and engineering and operational expertise.”

The transaction values Baldwin at an enterprise value of approximately $7.7bn, comprising an equity purchase price of roughly $4.6bn and approximately $3.1bn of net debt that will be assumed or refinanced in connection with the deal.

Eligible Baldwin colleagues who currently hold equity are expected to retain a significant minority stake in the private company, maintaining ownership alignment alongside Sequence and DFO.

Ardea Partners LP is serving as lead financial adviser to The Baldwin Group, with Davis Polk & Wardwell LLP acting as legal adviser. Troutman Pepper Locke LLP is serving as insurance regulatory counsel, while MarshBerry is also acting as a financial adviser to Baldwin.

Perella Weinberg Partners LP is serving as independent financial adviser to the special committee of Baldwin’s board of directors, with Potter Anderson & Corroon LLP acting as independent legal adviser.

Piper Sandler is acting as lead financial adviser to Sequence and DFO, with Moelis serving as sole capital markets adviser. Morgan Stanley & Co. LLC, Barclays and Wells Fargo are acting as financial advisers, while Latham & Watkins LLP and Sullivan & Cromwell LLP are serving as legal counsel to Sequence and DFO respectively.

The transaction is expected to close in the first quarter of 2027, subject to approval by Baldwin shareholders, receipt of the required regulatory approvals and other customary closing conditions.

Michael J. Lee, chief executive and co-founder of Sequence Holdings, said: “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.”

The proposed acquisition reflects growing investor interest in technology-enabled insurance businesses with strong scale and data capabilities. For Baldwin, the move offers fresh resources to pursue its long-term ambitions away from the scrutiny and demands of the public markets.

Fraser Tennant