We are advising The Baldwin Group on the transaction

Davis Polk is advising The Baldwin Group on its approximately $7.7 billion take-private by Sequence Holdings and DFO Management. Under the terms of the definitive agreement, Baldwin shareholders will receive $32.50 per share in cash. Upon completion of the transaction, Baldwin will become a privately held company, with eligible Baldwin colleagues retaining a significant minority equity stake alongside Sequence and DFO. The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions and regulatory approvals.

Baldwin Group is an independent insurance distribution firm providing indispensable expertise and insights to its clients. The company delivers bespoke client solutions, services and innovation through its comprehensive and tailored approach to risk management, insurance and employee benefits. Baldwin Group represents more than three million clients across the United States and internationally.

Sequence Holdings, based in New York, acquires established enterprises in the service economy and refounds them as market leaders. Sequence pairs their existing competitive advantages with Atlas, its technology platform, to rebuild operations, workflows, products and services around what is now possible.

DFO Management manages the investment assets of Michael Dell, the founder, chairman and chief executive officer of Dell Technologies, and his family. DFO engages in a broad range of investment activities, with the flexibility to invest in a wide variety of asset classes.

The Davis Polk corporate team includes partners H. Oliver Smith and Michael Gilson and counsel Alon Benjamin Harish. Partner Michael Mollerus and counsel Ziyuan (Constance) Zhang are providing tax advice. Partner Pritesh P. Shah and associate Bari Britvan are providing intellectual property advice. Partner Jessica K. Delbaum is providing antitrust and competition advice. Partner Kyoko Takahashi Lin and counsel Joseph S. Brown are providing executive compensation advice. All members of the Davis Polk team are based in the New York office.

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