Lazard to acquire Campbell Lutyens for $575M

Lazard (LAZ) announced that it has entered into a definitive agreement to acquire Campbell Lutyens. The combined businesses represent approximately $500M in estimated combined 2027 revenue. The transaction total consideration of approximately $575M is payable in part at closing and in part two years following closing. Both tranches include portions of the consideration that are subject to additional lock-up arrangements. There is also potential additional consideration of up to $85M to be paid based on defined performance criteria over a multi-year period. The transaction is expected to be accretive to 2027 earnings and thereafter, with closing anticipated in calendar year 2026 subject to regulatory approvals.