Dell Family Office, Sequence Buy Baldwin Insurance for $7.7B

A family office and a private holding company taking a public insurance broker private in cash is a notable signal about where private capital sees durable, fee-based cash flows — away from public-market volatility and toward businesses whose earnings are less cycle-exposed. The minority rollover by Baldwin employees matters more than the headline price: it keeps operating talent aligned and reduces the integration risk that usually follows take-privates. The long runway to a first-quarter 2027 close leaves room for regulatory review and any competing bids, so whether the deal terms hold unchanged through that window is the open question.