Latham & Watkins Advises Sequence AI Holdings in US$7.7 Billion Take-Private Acquisition of The Baldwin Group
The Baldwin Group, Inc. (Nasdaq: BWIN) (Baldwin or the company) has announced that it has entered into a definitive agreement under which an entity to be formed by Sequence Holdings (Sequence) and DFO Management (DFO) will acquire the company in an all-cash transaction valued at approximately US$7.7 billion, or US$32.50 per share of Baldwin common stock, representing a premium of approximately 88% to Baldwin’s unaffected closing share price on June 17, 2026. Upon completion of the transaction, Baldwin will become a privately held company, with eligible Baldwin colleagues retaining a significant minority equity stake, alongside Sequence, a permanent holding company that acquires established enterprises in the service economy, and DFO, the family investment office of Dell Technologies Founder, Chairman, and CEO Michael Dell.
Latham & Watkins LLP represents Sequence Holdings in the transaction with a corporate deal team led by New York partner Ian Nussbaum, Chicago partner Sean Parish, New York partner Julian Azran, and Bay Area partner Seth Gottlieb, with associates Mike Dooley, Maya Rahwanji, Jay Trewn, Abigail Keyes, Kiuree Kim, Leila Lukaszewicz, and with assistance from Sammi Casamassino and Cleo Chang. Advice was provided on emerging companies and growth matters by Chicago partner Jana Kovich, with associates Kristine LaVeau and Aubrey Thompson; on finance matters by New York partner Emily Johnson and Boston partner Alex Harris, with associates Eric Dang, Sebin Lee, and Kerry Pemberton; on executive compensation and benefits matters by Los Angeles/New York partner Erica Aho, with associates Gabriela Alvarez and Lewis Pablo Ntolla; on private credit matters by Peter Sluka and Salvatore Vanchieri, with associate Ian Lachow; on insurance matters by New York counsel Alexander Traum, with associate Max Morris; on tax matters by Bay Area partner Katharine Moir, with associate Tessa Young; on intellectual property matters by New York partners Jeffrey Tochner and Pelin Serpin, with associates Jaclyn Malmed and Ece Gonulal; on antitrust matters by Washington, D.C. partner David Brenneman, with associate Richie Samboy.