Michael Dell's DFO Management nears $7.7B Baldwin Insurance deal

Michael Dell's DFO Management nears $7.7B Baldwin Insurance deal

Mon, September 14, 2026 at 3:35 PM GMT+3 1 min read

• BWIN +0.88%

Michael Dell's family office, DFO Management, is nearing a $7.7 billion take-private deal for The Baldwin Insurance Group, Reuters reported, citing the Financial Times. DFO Management is leading the transaction alongside Sequence Holdings, with the two firms in advanced talks with Baldwin over a deal expected to value the insurance brokerage at $32.50 per share.

The proposed price represents a premium of roughly 10% over Baldwin Insurance Group stock's closing price of $29.65 on Friday. An announcement is expected as soon as Monday, according to Reuters.

Baldwin, which is headquartered in Tampa, Florida, offers services spanning risk management, insurance advisory, and tech-driven underwriting for both businesses and individuals. The company's market capitalization stands at around $4.14 billion.

In its second-quarter 2026 earnings report, Baldwin posted total revenue of $492.9 million, a 30% gain from the same period a year earlier, and adjusted diluted earnings per share of 48 cents, up 14% year-over-year.

Sequence Holdings, which counts 8VC, Conviction, and Lux Capital among its backers, focuses on buying mature service-sector businesses and updating their operations through proprietary software, according to Reuters.

None of the three firms — DFO Management, Baldwin Insurance Group, or Sequence Holdings — replied to requests for comment after business hours.

Michael Dell surpassed Jeff Bezos in Forbes' billionaire rankings earlier this month, reaching third place on the wealth list for the first time as Dell Technologies stock closed at a record high. Dell Technologies stock has surged 327% year-to-date, driven by demand for artificial intelligence hardware. Michael Dell holds roughly a 40% stake in Dell Technologies and has significant holdings in DFO Management, his private investment firm.