Lazard completes Campbell Lutyens deal, launches Lazard CL
Lazard said it closed its Campbell Lutyens acquisition and launched Lazard CL, paying the upfront consideration mainly in Lazard stock with lock-ups of up to three years.
Key takeaways
- Lazard (LAZ) said on Nov. 2 it completed its acquisition of Campbell Lutyens and launched Lazard CL, a private capital advisory business. Upfront consideration was paid mainly in Lazard stock, with some portions locked up for up to three years. Lazard continues to anticipate about $500 million of estimated combined revenue.
Lazard (LAZ) said on Nov. 2 it had completed its acquisition of Campbell Lutyens and launched Lazard CL, a private capital advisory business. The deal was announced on April 30, 2026.
The upfront consideration at closing was paid primarily in Lazard stock, with portions subject to lock-up arrangements of up to three years, the company said in a press release.
At closing, Lazard entered into a registration rights agreement with the sellers’ representatives and certain sellers, a regulatory filing showed. The agreement covers shares issued as initial equity consideration and any shares issued later as deferred or earn-out consideration.
The company said it will use reasonable best efforts to file a shelf registration statement covering resale of the initial consideration shares as soon as reasonably practicable after closing. Later-issued deferred and earn-out shares are to be covered within 30 calendar days of issuance.
Holders may request shelf underwritten offerings, including block trades, if they reasonably expect aggregate gross proceeds above $80 million. The company is not obligated to effect more than four such offerings in total, or more than one in any 120-calendar-day period.
Peter Orszag, CEO and Chairman of Lazard, said, “We are thrilled to launch our third global business, Lazard CL.” He said the business pairs its fundraising and secondary advisory platforms with Lazard’s M&A, capital markets and restructuring expertise.
Lazard CL has more than 300 advisory professionals and 19 offices worldwide, the company said. It said the combined business has advised on more than $1 trillion of primary capital raised and secondary transaction volume across about 1,300 mandates over the past four decades.
Lazard CL is led by Co-CEOs Gordon Bajnai and Holcombe Green. The launch is part of the Lazard 2030 strategy, which the company says aims for long-term, profitable growth and a more diversified revenue base.
The company said Campbell Lutyens is performing ahead of the assumptions that supported the acquisition, as shared on its third-quarter and first nine months of 2026 earnings call. Lazard continues to anticipate that Lazard CL will generate approximately $500 million of estimated combined revenue and be accretive to earnings in 2027, before revenue or expense synergies.