STOCKS | Michael Dell Family Office Reportedly Leads $7.7 Billion Baldwin Buyout

A consortium led by DFO Management, Michael Dell's family office, and Sequence Holdings is close to an agreement to take U.S. insurance broker The Baldwin Group private. According to Sina Finance, people familiar with the matter said the proposed offer is $32.50 per share, implying an enterprise value of about $7.7 billion, and the deal could be announced soon if no late-stage obstacles emerge. According to Sina Finance, citing the Financial Times, DFO and Sequence are jointly leading the transaction and beat several large private equity firms in the bidding. The report said the potential offer is about 90% above Baldwin's valuation when it first emerged in June that the company was considering a sale. Baldwin's first-half revenue rose 29% year over year to about $1 billion, while adjusted EBITDA was $254 million, up 27%.