Latham & Watkins Advises CAC Group on US$1.026 Billion Merger With The Baldwin Group

Latham & Watkins LLP represented CAC Group in the announced definitive agreement to merge with The Baldwin Group. The Baldwin Group (NASDAQ: BWIN), a leading independent insurance brokerage and advisory firm, has entered into a definitive agreement to merge with CAC Group, a nationally recognized specialty and middle-market insurance brokerage firm. Under the terms of the transaction, Baldwin will pay total upfront consideration of US$1.026 billion, comprised 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 price as of December 1, 2025. The agreement also provides for 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 represented CAC Group with a team composed by: New York partners John Giouroukakis (partner, corporate) and David Owen (partner, corporate); New York counsel Jennifer Wong (counsel, corporate); associate Sofia Skara (associate, corporate); Washington, D.C. partner Andrea Ramezan-Jackson (partner, tax) and associate Ted Gkoo (associate, tax); Washington, D.C. partner David Della Rocca (partner, benefits) and Washington, D.C. counsel Laura Szarmach (counsel, benefits); and New York counsel Alexander Traum (counsel, insurance regulatory).

Latham & Watkins Advises CAC Group on US$1.026 Billion Merger With The Baldwin Group

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