DFO Management and Sequence Holdings Acquire Baldwin Group for $7.7 Billion

A consortium led by DFO Management and Sequence Holdings has agreed to take The Baldwin Group private in a cash transaction with an enterprise value of $7.7 billion. The deal includes an equity purchase price of approximately $4.6 billion and $3.1 billion in debt. Shareholders will receive $32.50 per share, representing an 88% premium over the unaffected closing price from June 17.

The acquisition follows a period of strong financial growth for the Tampa-based insurance distributor, which reported second-quarter revenue of $492.9 million, a 30% year-over-year increase driven by its merger with CAC Group. The transaction aims to provide the brokerage with long-duration capital and flexibility to pursue frontier AI execution without the constraints of public market quarterly earnings cycles.

Eligible employees will be permitted to roll over a portion of their holdings to retain a significant minority equity stake in the company. The board of The Baldwin Group has approved the deal, which is expected to close in the first quarter of 2027. This represents the first major enterprise acquisition for Sequence Holdings, a technology-focused acquirer backed by 8VC, Conviction, and Lux Capital. The move occurs amid broader sector consolidation, following Aon's $17 billion acquisition of USI Insurance Services in August 2026.