Lazard’s Nov. 2 filing detailed the cash and stock paid to acquire Campbell Lutyens Holdings Limited, along with deferred consideration and an earn-out tied to revenue-growth targets for the combined Campbell Lutyens and Lazard private capital advisory businesses.
The closing filing says Lazard issued 9,651,777 common shares to sellers who qualified as accredited investors under Rule 501 of the Securities Act. The contract used a $46.50 reference price to calculate the number of shares. Lazard also paid about $93.2 million in cash.
The cash figure reflects Campbell Lutyens’ cash, debt and working-capital position, along with amounts paid instead of stock to some sellers. Lazard said the amount remains subject to customary adjustments after closing.
The agreement calls for another $115 million on the second anniversary of closing. Sellers may also receive up to $85 million in earn-out payments tied to revenue-growth targets measured through 2030, with a possible extension. Lockups apply to parts of the initial consideration for as long as three years.
Lazard closed the acquisition Nov. 1 and announced Lazard CL the following day; the unit’s launch brings its private capital advisory business together with Campbell Lutyens.
The unit will advise on fund placement, primary fundraising, secondary transactions and capital matters for general partners. Lazard said the combined operation has more than 300 advisory professionals across 19 offices. A distribution team of more than 60 will connect with about 4,000 institutional investors, the company said.
Over the past four decades, Lazard says its teams have advised on about 1,300 mandates involving more than $1 trillion in primary capital raising and secondary transactions.
Lazard forecasts about $500 million in combined revenue in 2027 and expects the business to add to earnings that year before revenue or expense synergies. The company also said Campbell Lutyens’ results to date are ahead of the benchmarks used to assess the deal. The revenue and earnings figures are company estimates.
