M&A · Financials · Insurance Agents, Brokers & Service
Sequence Holdings and Dell Family Office to acquire Baldwin Insurance Group, Inc.
Announced Sep 14, 2026 · Pending Oct 15, 2026
Deal value$7.70B
Premium88.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$32.50 per share
Transaction
- Acquirer
- Sequence Holdings and Dell Family Office
- Target
- Baldwin Insurance Group, Inc. (BWIN)
- Buyer type
- Private equity
- Offer price per share
- $32.50
- Enterprise value
- —
- Status
- Pending Oct 15, 2026
Deal protections
- Break fee (target pays)
- $170M · 2.2%
- Reverse fee (buyer pays)
- $276M · 3.6%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Piper Sandler, Morgan Stanley, Barclays, Wells Fargo
- To the target
- Ardea Partners, MarshBerry, Perella Weinberg
- Perella Weinberg fee
- $1.0M
Sector context · Financials
- Comparable deals
- 81 in the prior 24 months
- Premium
- 88.0% vs. 33.0% sector median
- EV / Adj. EBITDA
- Sector median 13.6x
- Break fee
- 2.2% vs. 3.8% sector median
Timeline
- AnnouncedSep 14, 2026
- Proxy filedOct 15, 2026
- Definitive proxyPending
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Trading comparablesPerella Weinberg$9.90$15.20
Trading comparablesPerella Weinberg$13.00$19.30
Trading comparablesPerella Weinberg$19.20$23.20
Trading comparablesPerella Weinberg$22.50$27.70
Precedent transactionsPerella Weinberg$17.40$22.70
Discounted cash flowArdea Partners$22.76$37.43
Premiums paidArdea Partners$21.32$26.51
Precedent transactionsArdea Partners$24.43$33.78
Future share priceArdea Partners$24.59$37.97
Offer $32.50
Implied value per Baldwin Insurance Group, Inc. share by analysis, from Perella Weinberg and Ardea Partners · DCF discount rate 9.5%–10.5%.