A consortium led by Dell Chief Executive Michael Dell’s DFO Management is taking insurance brokerage Baldwin Group private in a cash deal valued at $7.7 billion. The transaction, reported by the Wall Street Journal Markets, marks a significant move in the private equity-backed consolidation of the insurance brokerage sector. Baldwin Group, a prominent player in specialty insurance distribution, will be delisted from public markets as part of the agreement.

The deal underscores Dell’s continued strategic investments through his private investment vehicle, DFO Management, beyond his role at Dell Technologies. No further financial details or closing timeline were disclosed in the initial report.