secwatch.observer — SEC 8-K summary
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Issuer:     Baldwin Insurance Group, Inc. (BWIN)
CIK:        0001781755
Form:       8-K
Filed at:   2025-12-02T23:59:59+00:00
Accession:  0001781755-25-000114
Event type: m_and_a
Sentiment:  positive
Materiality: 1.00
Item codes: 1.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1781755/000178175525000114/0001781755-25-000114-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1781755/000178175525000114/bwin-20251202.htm
  HTML page:      https://secwatch.observer/filing/0001781755-25-000114

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