Take-private spreads: Baldwin Insurance ($7.7B EV) vs a small UK deal like Dianomi (£19M). Same playbook?
Two announced cash deals with very different sizes.
The Baldwin Insurance Group agreed on September 14, 2026 to be acquired by an entity formed by Sequence Holdings and DFO Management, the Dell family office. Total enterprise value is about $7.7B, made up of roughly $4.6B equity and $3.1B net debt.
Taboola agreed a recommended cash acquisition of Dianomi plc at 64p per share, about £19M fully diluted.
For people who run event-driven books: do you treat these as the same trade at different scale, or does the small UK scheme with a recommended offer have a completely different risk profile than a large US take-private with a financing component? Where do you find the edge, the deal break risk, the timing, or the financing? And is liquidity on the small one even workable?
