The Baldwin Insurance Group, Inc. (NASDAQ: BWIN) announced on September 14, 2026, that it has entered into a definitive agreement to be acquired by an entity to be formed by Sequence Holdings and DFO Management. The transaction will take the company private in an all-cash deal valued at approximately $7.7 billion.
Under the agreement, Baldwin shareholders will receive $32.50 in cash for each share of Class A common stock they hold. This price represents an 88% premium to the company's unaffected closing price on June 17, 2026. The transaction implies a total enterprise value of approximately $7.7 billion, comprised of an equity purchase price of approximately $4.6 billion and approximately $3.1 billion of net debt assumed or refinanced. This valuation represents an implied multiple of approximately 20x Baldwin's trailing-twelve-month Adjusted EBITDA of approximately $396 million.
The deal is structured through a merger. A newly formed merger subsidiary of the buyer will merge with and into Baldwin, with Baldwin surviving as a wholly owned subsidiary of the buyer. The transaction is not subject to any financing condition. Upon completion, Baldwin’s securities will be delisted from the Nasdaq Global Select Market and deregistered under the Securities Exchange Act of 1934.
The transaction was unanimously approved by Baldwin’s Board of Directors, following the unanimous recommendation of a Special Committee comprised of independent, disinterested directors. The deal is also supported by a majority of the Class B shareholders. Eligible Baldwin colleagues who currently hold equity will have the opportunity to roll over a portion of their holdings into the private company.
Parent is wholly owned by Sequence Holdings, a permanent holding company that acquires established enterprises in the service economy. DFO Management, which manages the investment assets of Michael Dell, the founder, Chairman, and CEO of Dell Technologies, has committed to provide equity financing to fund the transaction. The transaction is expected to close in the first quarter of 2027, subject to shareholder approval, the receipt of required regulatory approvals, and other customary closing conditions.
