An entity to be formed by Sequence Holdings and DFO Management (Dell Family Office) is set to acquire a majority interest in The Baldwin Group, Inc. in an all-cash transaction valued at approximately $7.7 billion, meaning Baldwin will become a privately held company.
After mainstream media reports on the matter over the weekend, Baldwin has now confirmed that it has entered into a definitive agreement to go private through majority investment by Sequence and Dell Family Office.
Once the deal closes, which is expected in the first quarter of 2027, subject to approval by Baldwin shareholders, the receipt of required regulatory approvals, and other customary closing conditions, eligible Baldwin colleagues will retain a significant minority equity stake, alongside Sequence, a permanent holding company that acquires established enterprises in the service economy, and DFO, the family investment office of Dell Technologies Founder, Chairman, and CEO, Michael Dell.
The deal implies a total enterprise value of approximately $7.7 billion, comprised of an equity purchase price of roughly $4.6 billion, and approximately $3.1 billion of net debt assumed or refinanced in connection with the transaction.
The $7.7 billion total enterprise value represents an implied multiple of approximately 20x Baldwin’s trailing-twelve-month Adjusted EBITDA of approximately $396 million.
Baldwin shareholders will receive $32.50 in cash for each share of Baldwin common stock, representing a premium of approximately 88% to the unaffected closing price on June 17, 2026, which is the day prior to media reports on the go-private matter.
The announcement states that Sequence will implement the acquisition via a newly formed merger subsidiary, which will merge with and into Baldwin, with Baldwin then surviving as a wholly owned subsidiary of Sequence.
Baldwin’s Board of Directors unanimously approved the transaction after the unanimous recommendation of a Special Committee.
It’s worth highlighting that back in 2023, Baldwin launched Juniper Re, a specialist reinsurance broker, and also acquired a majority stake in MultiStrat, a Bermuda-based casualty insurance-linked securities (ILS) and reinsurance platform, in April 2025.
Trevor Baldwin, Chief Executive Officer of The Baldwin Group, commented: “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.”
Michael J. Lee, Chief Executive Officer and Co-Founder, Sequence Holdings, said: “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 Dell added: “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.”
