Michael Dell's DFO Management is close to a take-private deal for The Baldwin Group, an insurance brokerage valued at $4.1bn. Talks are in advanced stages, with a potential announcement as soon as next week. Baldwin specializes in commercial insurance brokerage for mid-sized and large companies, covering cyber security, employee benefits, and real estate.

This deal follows Aon's recent $17bn acquisition of USI Insurance from KKR. A Baldwin take-private would mark a rare leveraged buyout for DFO, one of the world's largest family offices. DFO previously led the $24.9bn buyout of Dell Technologies in 2013 and recently invested in TikTok's US business and Endeavor.

Founded in 2006 in Tampa, Florida, Baldwin was co-founded by Lowry Baldwin, a major shareholder and board chair. The insurance brokerage industry is consolidating as firms seek scale and market share. Baldwin shares have risen nearly 25% this year on go-private speculation.