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Abu Dhabi-based ADQ’s talks to take Lazard private fall apart- FT
Global Banking & Finance Review®
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(Reuters) – Abu Dhabi’s sovereign wealth fund ADQ held talks with
(Reuters) – Abu Dhabi’s sovereign wealth fund ADQ held talks with investment bank Lazard Ltd to take it private earlier this year, but the discussions fell apart, with both sides walking away from a deal, the Financial Times reported on Tuesday.
The meetings were held between Lazard’s outgoing chief executive, Ken Jacobs, and ADQ’s chair Sheikh Tahnoon bin Zayed Al Nahyan, FT said, citing people familiar with the matter.
Lazard’s shares were 4.4% higher in premarket trade on Tuesday.
ADQ, Abu Dhabi’s third-biggest sovereign wealth fund, has been stepping up dealmaking in the United Arab Emirates and overseas while hiring more bankers in the last two years.
Lazard, which reported a loss in the first quarter of this year, had warned of an uncertain annual outlook and said it would eliminate around 10% of its workforce in 2023.
ADQ and Lazard did not immediately respond to a Reuters request for comment.
(Reporting by Gokul Pisharody in Bengaluru; Editing by Dhanya Ann Thoppil and Sohini Goswami)
Lazard is a global investment bank and financial advisory firm that provides services in mergers and acquisitions, capital raising, and financial advisory.
A sovereign wealth fund is a state-owned investment fund that invests in various assets, including stocks, bonds, real estate, and other financial instruments.
A financial outlook is a projection of a company's future financial performance, typically based on current trends, market conditions, and economic indicators.
Workforce reduction is a strategy used by companies to decrease their number of employees, often to cut costs or restructure operations.
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