Baldwin Insurance going private for $7.7 billion

Catch up quick: Sequence is a VC-backed, permanent holding company that buys established enterprises in the services industry and then uses AI to further modernize them.

• Its first major deal was for BankSouth, and it's also said to be looking at health care. Backers include 8VC, Conviction, and Lux Capital.

Behind the scenes: DFO is investing directly in the Baldwin deal and also is becoming an investor in Sequence.

By the numbers: Baldwin stockholders will receive $32.50 per share in cash, which represents a 9.6% premium on Friday's close and an 88% premium on where Baldwin traded before initial media reports of a possible deal.

• Baldwin has traded as high as $32.59 (Aug. 24) and as low as $15.88 (Feb. 12) over the past year.

Go deeper via the FT: "Baldwin specialises in commercial insurance brokerage, advising midsized and large companies shopping for insurance policies for everything from cyber security to employee benefits to real estate."