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Lazard posts better-than-expected profit on deals, assets boost
By Jerry
April 25 (Reuters) – Lazard’s (LAZ.N), opens new tab first-quarter profit exceeded estimates on Thursday, buoyed by growth in dealmaking and assets at the boutique investment bank.
Growing expectations of interest rate cuts and a flurry of large deals have boosted recovery in dealmaking since the start of the year. Industry executives have, however, expressed guarded optimism.
Lazard’s profit gained from a string of high-profile mergers and acquisitions it advised on in the first quarter, such as AbbVie’s (ABBV.N), opens new tab $10.1 billion acquisition of ImmunoGen and Gilead’s (GILD.O), opens new tab $4.3 billion deal for CymaBay Therapeutic.
“Lazard’s record first-quarter revenue reflects an improving M&A environment and reinforces our outlook for a productive year ahead,” CEO Peter Orszag said.
Revenue at its financial advisory segment, which advises on stock sales, and mergers and acquisitions, surged 63% to $454 million.
Lazard’s restructuring practice under the segment, dealt with companies including Lumen Technologies (LUMN.N), opens new tab, Orpea (ORP.PA), opens new tab, Rite Aid and SVB Financial Group in the reporting quarter, according to the bank.
Source: REUTER
