LAZ · Lazard Ltd

This acquisition represents a transformative strategic move for Lazard, establishing it as the global leader in private capital advisory through the combination of two highly complementary platforms. Campbell Lutyens brings deep expertise in infrastructure and credit across both primary and secondary markets, along with GP capital advisory and LP-led secondaries capabilities — areas where Lazard previously had less scale. The combined entity, branded Lazard CL, is positioned to serve clients across the full private capital lifecycle with 280+ advisory professionals, presence in 18 cities across 10 countries, and ~$190B in combined capital raised during 2024–2025. Financially, the $575M total consideration is structured to balance near-term balance sheet impact and long-term alignment: the $460M initial cash payment is partially offset by the $115M deferred component and the performance-contingent $85M earn-out, which ties seller compensation to compound annual growth rate (CAGR) targets over a multi-year period ending in 2030. The use of Lazard Shares in the consideration — subject to lock-up periods up to three years — further aligns interests and supports deleveraging. Execution risk remains material due to the requirement for regulatory approvals across six jurisdictions, most notably the UK Competition and Markets Authority (CMA), where failure triggers a $50M break fee but no obligation to close. Integration will be governed by defined principles ensuring operational autonomy for the Combined Business while embedding it within Lazard’s broader franchise — a structure designed to preserve talent and client relationships while enabling cross-selling with Lazard’s M&A, capital markets, and restructuring practices. The transaction advances Lazard’s 2030 strategy by expanding its high-growth private markets exposure and establishing Private Capital Advisory as its third global business pillar.