Reading Room

ADT Q3 2026 results; guidance withdrawn pending the Thrive transaction.

Target company press release announcing the definitive agreement.

Acquirer statement on the ADT agreement; source of the ">75 businesses" figure.

Trade-press report on Baldwin's preliminary Q3 figures.

Acquirer announcement of its first acquisition.

Report on Beacon Holdings' acquisition of Ganaz, citing the founder's post.

Italian business daily report on the redundancy procedure.

Trade-press report of the Paramount Properties acquisition and $170M funding.

Definitive agreement at approximately $7.7 billion enterprise value: about $4.6 billion equity purchase price and $3.1 billion net debt. Expected close Q1 2027.

Reports the Sequence–DFO agreement.

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.

Announces the Baldwin agreement and welcomes DFO and Affinity Partners as Sequence partners. An author comment points to engineering and deployment hiring.

Explains refounding scaled service businesses with engineers, operators, patient ownership, and Atlas. Reports BankSouth loan-stage and turnaround improvements.

Announces an October 10 London event with Anthropic, ElevenLabs, General Catalyst, and EQT as partners; challenges focus on messy operating cases and escalation.

Reports over 1,000 August maintenance tasks, with human work reduced from roughly three hours to 15–20 minutes. More than 80% of payments are recognized automatically.