LoginCollector: Mana Honar Pisheh
Abu Dhabi’s ADQ held talks with Lazard to take the investment bank private earlier this year, but negotiations fell through. ADQ has been increasing dealmaking while Lazard reported a Q1 loss and plans to cut 10% of its workforce in 2023.
The report from Financial Times suggests that Abu Dhabi’s ADQ had held talks with Lazard about taking the investment bank private earlier this year. However, the discussions reportedly fell through, and both sides walked away from a potential deal. The meetings were held between Lazard’s outgoing CEO, Ken Jacobs, and ADQ’s chair, Sheikh Tahnoon bin Zayed Al Nahyan.
ADQ, which is Abu Dhabi’s third-largest sovereign wealth fund, has been increasing its deal-making activities in the United Arab Emirates and overseas while hiring more bankers over the last two years. On the other hand, Lazard reported a loss in the first quarter of 2021 and warned of an uncertain annual outlook. The investment bank also announced that it would eliminate around 10% of its workforce in 2023.
Neither ADQ nor Lazard have commented on the matter. While the talks did not result in a successful deal, it is still significant news for the investment banking industry and the Middle East region.
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