Sequence Holdings and Michael Dell's family office are joining forces to buy Baldwin Insurance Group in an all-cash transaction valued at $7.7 billion. Investors in Baldwin will be paid $32.50 per share, and the agreement is not contingent on financing.
DFO Management and Sequence plan to create a new entity that will own a majority of Baldwin once the deal closes, with certain Baldwin employees retaining a minority position. Based in New York and supported by venture capital funds, Sequence focuses on established companies and layers in new AI models. The proposed takeover is among the largest deals DFO Management has undertaken.
Baldwin, a Tampa, Florida based insurance distribution and risk-management firm, saw its shares jump after the news, climbing as much as 7.5% to $31.88. Through Friday, the stock had advanced 23% for the year as talk swirled that a buyout could be in the works. The offer amounts to an 88% premium over the June 17 closing price, just before the first reports about a potential take-private surfaced. "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 Chief Executive Officer Trevor Baldwin.
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Insurance brokerage has been busy with deals. Last year, Baldwin struck a deal to purchase rival CAC Group in a transaction exceeding $1 billion. Recent industry activity includes Brown & Brown planning an acquisition of Accession Risk for $9.8 billion, Gallagher agreeing to acquire AssuredPartners for $13 billion, and Marsh McLennan planning to acquire McGriff Insurance in a $7.8 billion deal. The parties expect the Baldwin deal to close during the first quarter of 2027, and there are no financing contingencies.
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