Michael Dell's family office is closing in on a deal to take The Baldwin Insurance Group private in a transaction that could value the Tampa, Florida-based insurance brokerage at roughly $7.7 billion.
DFO Management, the New York-based firm formerly known as MSD Capital that manages the Dell family's wealth, is leading a consortium alongside Sequence Holdings - a technology-focused acquirer backed by 8VC, Conviction, and Lux Capital - in advanced talks with Baldwin.
The per-share offer price of $32.50 represents a meaningful premium over Baldwin's recent trading levels, according to people familiar with the matter cited by the Financial Times. Baldwin Insurance Group and DFO Management did not respond to the FT’s requests for comment.
Baldwin carries an equity market capitalization of approximately $4.1 billion, according to LSEG data, with roughly $2.3 billion in net debt bringing the total enterprise value to the $7.7 billion figure.
Baldwin, which trades on Nasdaq under the ticker BWIN, provides risk management solutions, insurance advisory, and tech-enabled underwriting to businesses and individuals, with a focus on mid-sized to large commercial clients.
The company posted total revenue of $492.9 million in the second quarter of 2026 - a 30% year-over-year increase, according to results published by Baldwin in July 2026. Adjusted diluted earnings per share rose 14% year-over-year to $0.48 in the same period. Much of that growth stemmed from Baldwin's merger with CAC Group, completed earlier in 2026, which expanded both revenue and geographic reach.
Baldwin's stock had already climbed nearly 25% year-to-date through mid-September 2026, as buyout speculation built following reports the company had explored strategic options.
DFO Management was established in 1998, originally as MSD Capital, to manage the wealth of Michael Dell, the founder and chief executive of Dell Technologies.
The firm rebranded to DFO Management following MSD Partners' 2022 merger with BDT & Co. to form BDT & MSD Partners. The Baldwin deal would represent one of the largest single transactions in DFO's history outside of Dell Technologies itself.
The proposed acquisition arrives at a moment of intense consolidation in the insurance brokerage sector. Aon confirmed a $17 billion deal to acquire USI Insurance Services from KKR in August 2026, underscoring the scale of capital flowing into the space.
The broader M&A environment across financial services has remained active. RIA consolidation has continued at a relentless pace through 2026 with private equity's expanding footprint across wealth management and insurance driving deal volumes higher.
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