Lazard announces $660M Campbell Lutyens acquisition; Q2 M&A activity surges 65%

Filed July 28, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 25, 2025 · ~2 min read

Key Changes

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  Lazard agreed to acquire Campbell Lutyens, a private-markets advisory firm, for up to $660M ($460M at closing, $115M deferred, up to $85M earn-out). Deal expected to close H2 2026, expanding Lazard's fund placement and secondary advisory capabilities.

  Notes: Campbell Lutyens acquisition verify on EDGAR →
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  Global M&A announced deal value surged 65% in Q2 2026 vs Q2 2025 (82% for deals >$500M), signaling a much stronger advisory revenue environment after modest 2% growth in the prior-year quarter.

  MD&A: M&A market activity verify on EDGAR →
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  Lazard sold a controlling stake in Edgewater in February 2026, deconsolidating the alternative-investment vehicles and recognizing a $75.5M pre-tax gain. Retained investment valued at $6.3M.

  Notes: Edgewater sale verify on EDGAR →