Michael Dell's Family Office Nears Take-Private Deal for Baldwin Insurance, FT Reports

DFO Management, the family office of Dell Technologies CEO Michael Dell, is nearing a deal to acquire and take private The Baldwin Insurance Group, according to a report from the Financial Times. The potential transaction would see the U.S. insurance distributor delisted from public markets.

Advanced Negotiations Reported

The Financial Times, citing people familiar with the matter, reported that DFO Management is in advanced talks with Baldwin over the acquisition. The deal is expected to value the insurance brokerage at a premium to its current market capitalization.

According to LSEG data cited in the report, The Baldwin Insurance Group has a market valuation of approximately $4.14 billion. Reuters noted it could not immediately verify the report, and neither DFO Management nor Baldwin Insurance Group responded to requests for comment outside of business hours.

Baldwin's Financial Profile

Based in Tampa, Florida, Baldwin is an insurance distribution firm that provides risk management solutions, insurance advisory, and technology-enabled underwriting to businesses and individuals. The company has demonstrated strong growth in its recent financial reports.

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For the second quarter of 2025, Baldwin reported:

• Adjusted diluted earnings per share of 48 cents, a 14% increase year-over-year.
• Total revenue of $492.9 million, a 30% increase year-over-year.

Market Implications

A take-private deal, if completed, would involve an acquirer purchasing all of a public company's outstanding shares, thereby removing it from the stock exchange. Such transactions are often pursued when a buyer believes a company's long-term value is not fully reflected in its current stock price.

This potential acquisition signals continued interest from private capital in the insurance brokerage sector, which is often attractive to investors for its stable cash flows. For investors in Baldwin, a finalized deal at a premium would mean a buyout of their shares above the recent trading value.