Dell Family Office to Acquire Baldwin Insurance for $7.7 Billion

Michael Dell's family office, DFO Management, and investment firm Sequence Holdings are acquiring The Baldwin Insurance Group in a $7.7 billion take-private deal. The transaction, announced on September 14, 2026, will pay Baldwin shareholders $32.50 per share in an all-cash offer. The deal represents an 88% premium over Baldwin's unaffected closing price of $29.65 on June 17, the day before reports emerged that the company was exploring a sale. However, the stock had already risen on takeover speculation, trading at $31.86 on the morning of the announcement, leaving a spread of just 2% to the offer price. The enterprise value of approximately $7.7 billion includes about $4.6 billion in equity purchase price and roughly $3.1 billion in net debt to be assumed or refinanced. The valuation represents about 20 times Baldwin's trailing adjusted EBITDA of $396 million. Baldwin's board of directors approved the transaction unanimously, following a unanimous recommendation from an independent special committee. The company stated the deal is not subject to a financing condition.