Latham — Sequence acquisition advisory

Published September 2026. Latham & Watkins announced it is representing Sequence Holdings in the take-private acquisition of The Baldwin Group (Nasdaq: BWIN). Under the definitive agreement, an entity to be formed by Sequence Holdings and DFO Management — the family investment office of Dell Technologies founder, chairman, and chief executive Michael Dell — will acquire the company in an all-cash transaction valued at approximately $7.7 billion, or $32.50 per share, an approximately 88 percent premium to Baldwin's unaffected closing price on June 17, 2026, the day before media reports that the company was exploring a take-private. The enterprise value comprises roughly $4.6 billion of equity and about $3.1 billion of net debt assumed or refinanced, implying approximately 20 times trailing-twelve-month adjusted EBITDA of about $396 million. Baldwin becomes privately held on completion, with eligible colleagues retaining a significant minority equity stake and the option to roll over existing holdings. Sequence is described as a permanent holding company acquiring established enterprises in the service economy. The Latham corporate deal team is led by New York partner Ian Nussbaum, Chicago partner Sean Parish, and New York partner Julian Az. Morgan Stanley, Barclays, and Wells Fargo are financial advisors to Sequence and DFO; Sullivan & Cromwell is counsel to DFO.

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