Sequence Holdings to Buy Baldwin Group for $7.7 Billion
The insurance broker will receive $32.50 a share in cash, an 88% premium, as Sequence and DFO Management pair engineering and long-duration capital behind the firm.
Sequence Holdings agreed to acquire The Baldwin Group, Inc. (BWIN), an independent insurance brokerage and advisory firm, in an all-cash deal valued at approximately $7.7 billion. Shareholders will receive $32.50 for each share of Baldwin common stock, a premium of about 88% to the unaffected closing price on June 17, 2026.
The transaction is expected to close in the first quarter of 2027, subject to approval by Baldwin shareholders, required regulatory approvals, and other customary closing conditions.
Sequence said its engineering talent and capital, combined with DFO Management’s long-duration, founder-aligned capital, will help accelerate Baldwin’s position as the insurance firm of the future.
Trevor Baldwin, chief executive officer of The Baldwin Group, said the deal delivers immediate cash to shareholders while pairing the company with partners he described as providing long-duration capital and frontier AI execution.
“This transaction allows us to deliver immediate value to shareholders while establishing a partnership with Sequence and DFO that will give Baldwin the long-duration capital and frontier AI execution to invest and move at the pace this moment demands,” Baldwin said.
The 88% premium sits well above the 58% Bowman Consulting Group Ltd. (BWMN) shareholders received from Bernhard Capital Partners in August 2026 and the 46% Kennedy-Wilson Holdings, Inc. paid to a consortium led by its chairman and Fairfax Financial in February 2026. Those take-privates, like this one, paired cash consideration with a stated plan to keep the operating business running under existing management.
Baldwin had already been building scale through inorganic growth. In December 2025, it agreed to merge with CAC Group, a specialty and middle-market broker, in a combination with $1.026 billion of upfront consideration and an implied 7.9 times 2025 pro forma adjusted EBITDA multiple. The combined company was expected to generate 2026 gross revenue and adjusted EBITDA in excess of $2 billion and $470 million, respectively, and to rank as the largest majority colleague-owned, publicly traded insurance broker in the United States.
That CAC combination was slated to close in the first quarter of 2026. The Sequence deal now layers a larger cash payout on top of a platform that had just completed a major bolt-on, with the stated intent of funding AI and engineering investment after the company leaves public markets.
Closing remains contingent on Baldwin shareholder approval and regulatory sign-off. If those conditions are met in the first quarter of 2027, the firm will operate as a private company with Sequence and DFO Management as its capital partners.