---
schema_version: "secwatch.filing_event.v1"
accession: "0001781755-25-000114"
form_type: "8-K"
ticker: "BWIN"
cik: "0001781755"
company_name: "Baldwin Insurance Group, Inc."
filed_at: "2025-12-02T23:59:59+00:00"
generated_at: "2026-05-16T15:45:48.218304+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Baldwin Group to merge with CAC Group for $1.026B upfront; EPS accretion over 20%

## Summary
- Total upfront consideration of $1.026B: $438M cash plus 23.2M shares valued at $589M (30-day VWAP); implied multiple 7.9x 2025E PF Adj. EBITDA.
- Additional contingent earnout of up to $250M and $70M deferred payment at 4 years post-close.
- Transaction expected to be accretive to 2025 Adjusted EPS by over 20% with full run-rate synergies and net leverage neutral at close.
- Combined entity projected 2026 gross revenue >$2B and Adj. EBITDA >$470M; close expected Q1 2026 subject to regulatory approval.
- Baldwin becomes largest majority colleague-owned publicly-traded insurance broker; CAC to get board seat via voting agreement.

## SEC filing metadata
- accession: 0001781755-25-000114
- form_type: 8-K
- ticker: BWIN
- cik: 0001781755
- company_name: Baldwin Insurance Group, Inc.
- filed_at: 2025-12-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1781755/000178175525000114/0001781755-25-000114-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1781755/000178175525000114/bwin-20251202.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001781755-25-000114
- JSON: https://secwatch.observer/filing/0001781755-25-000114.json
- Plain text: https://secwatch.observer/filing/0001781755-25-000114.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.