Latham & Watkins Advises CAC Group on US$1 Billion-Plus Merger With The Baldwin Group

The Baldwin Group (Baldwin) (NASDAQ: BWIN), a leading independent insurance brokerage and advisory firm, announced it has entered into a definitive agreement to merge with CAC Group (CAC Group), a nationally recognized specialty and middle-market insurance brokerage firm. Under the terms of the transaction, Baldwin will pay a total upfront consideration of US$1.026 billion, consisting of US$438 million in cash and 23.2 million shares of Baldwin common stock valued at US$589 million based on the 30-day volume-weighted average pricing as of December 1, 2025, as well as a post-closing performance-based earnout of up to US$250 million and a US$70 million deferred payment. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals.

Latham & Watkins LLP represents CAC Group in the transaction with a corporate deal team led by New York partners John Giouroukakis and David Owen and New York counsel Jennifer Wong, with associate Sofia Skara. Advice was also provided on tax matters by Washington, D.C. partner Andrea Ramezan-Jackson, with associate Ted Gkoo; on benefits matters by Washington, D.C. partner David Della Rocca and Washington, D.C. counsel Laura Szarmach; and on insurance regulatory matters by New York counsel Alexander Traum.