Published On : 06/20/2023

Abu Dhabi-based ADQ’s talks to take Lazard private fall apart- FT

(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)

Uma Rajagopal

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.