Baldwin agrees to $7.7 billion take-private deal

Baldwin Group ($BWIN) agreed to go private through a transaction led by Sequence Holdings and DFO Management, Michael Dell’s family investment office. Shareholders will receive $32.50 in cash per share. The approximately $7.7 billion enterprise value includes around $4.6 billion of equity and $3.1 billion of net debt.

Completion is expected in the first quarter of 2027, subject to approvals and other conditions. Eligible employees can retain a significant minority interest by rolling over holdings. The buyers plan to support longer-term investment, including AI capabilities. DFO’s involvement is a family-office investment, not an acquisition by Dell Technologies.

Sources:

• Reuters — transaction announcement
• The Wall Street Journal — valuation and terms