Sequence Holdings and DFO Management Acquire Baldwin Group for $7.7 Billion
The Baldwin Group has agreed to be taken private in a $7.7 billion all-cash deal led by Sequence Holdings and DFO Management, the family office of Dell Technologies founder Michael Dell. Shareholders will receive $32.50 per share, representing an 88% premium over its unaffected closing price on June 17, 2026. The transaction includes a net debt assumption or refinancing totaling around $3.1 billion and is expected to close in early 2027 after shareholder approval and regulatory clearances. The deal will be structured through a merger subsidiary formed by the buyer, with Baldwin remaining as its wholly owned subsidiary post-merger. Eligible employees may retain equity stakes via rollover options. The transaction has no financing condition and was unanimously approved by the company's board following recommendations from an independent committee of directors. Baldwin CEO Trevor Baldwin highlighted that this move will provide long-duration capital and frontier AI capabilities to accelerate strategic investments.
