Lazard, Inc. Acquires Campbell Lutyens

Lazard, Inc. has entered into a Sale and Purchase Agreement to acquire Campbell Lutyens Holdings Limited, a global independent private capital advisor. The acquisition's total consideration includes an initial payment of $460 million, a deferred payment of $115 million, and a potential earn-out of up to $85 million based on revenue growth targets. The initial consideration is expected to be paid primarily in Lazard's common stock. The agreement is subject to regulatory approvals, including from the UK's Competition and Markets Authority. Lazard has agreed to pay a termination fee of $50 million under certain circumstances. The transaction is expected to close by March 31, 2027, and is not subject to a financing condition. Lazard has obtained buy-side warranty and indemnity insurance for recourse related to breaches of business warranties or tax claims, excluding fraud.