DFO Management leads $7.7B take-private deal for Baldwin Insurance Group

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Michael Dell’s family office wants to buy an insurance company. Not a small one, either. DFO Management, the investment vehicle formerly known as MSD Capital that manages the Dell family’s wealth, is leading a consortium alongside Sequence Holdings to take Baldwin Insurance Group private in a deal valued at roughly $7.7 billion. The offer price of $32.50 per share represents a meaningful premium over Baldwin’s recent trading levels, and the deal could be formally announced any day now. Breaking down the numbers Baldwin’s equity market cap sat at approximately $4.1 to $4.2 billion as of mid-September 2026, with around $2.3 billion in net debt bringing the total enterprise value to that $7.7 billion figure. The stock had already climbed nearly 25% year-to-date through mid-September, as speculation about a potential buyout had been building since the company reportedly explored strategic alternatives earlier in the summer. Baldwin’s financial performance gave the consortium plenty of reasons to pull the trigger. In Q2 2026, the company posted total revenue of $492.9 million, a 30% jump compared to the same quarter a year earlier. Adjusted diluted earnings per share rose 14% to $0.48. ...

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