Michael Dell Family Office and Sequence Holdings to Take Baldwin Insurance Private in $7.7 Billion All-Cash Deal

Michael Dell's family office, DFO Management, and Sequence Holdings announced Monday they would acquire a majority stake in The Baldwin Insurance Group (BWIN) in an all-cash deal valued at approximately $7.7 billion. Baldwin shareholders will receive $32.50 per share in cash, a premium of roughly 9.6% over the stock's Friday closing price of $29.65 and an 88% premium to where shares traded before initial media reports of a potential transaction surfaced.

Under the terms of the deal, DFO Management and Sequence will form a new entity to hold the majority interest in Baldwin, while certain Baldwin employees will retain a minority stake. DFO is also becoming an investor in Sequence as part of the arrangement. Sequence is an AI-focused permanent holding company that acquires established services businesses and applies artificial intelligence to modernize them, with backers including 8VC, Conviction, and Lux Capital; its previous major acquisition was BankSouth.

Baldwin, headquartered in Tampa, Florida, provides risk management, insurance advisory, and technology-driven underwriting services for businesses and individuals. The company reported total revenue of $492.9 million in the second quarter of 2026, a 30% increase year over year, with adjusted diluted earnings per share of 48 cents. Shares of BWIN rose approximately 6.7% in premarket trading on the announcement.