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Lazard (LAZ), Elaia Enter Negotiations for Strategic Partnership
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Lazard Ltd (LAZ - Free Report) , along with Elaia Partners, has entered exclusive negotiations to form a strategic partnership and launch a private investment platform to meet the increased demand of its institutional and private wealth management clients for private assets.
The transactions that will lead to the creation of the new platform are subject to prior information and consultation of the relevant employee representative bodies, the execution of definitive agreements and regulatory approvals. Notably, the transactions are expected to close in 2024.
The joint asset management firm will be based in Paris. It would enable Lazard and Elaia to meet the capital needs of future French and European technology and deep tech leaders.
The new firm would be led by Xavier Lazarus, co-founder and managing partner of Elaia, along with a newly hired investment team.
Lazard and Elaia focus on investment excellence and performance.
The partnership will help LAZ expand its range of products. Also, LAZ will benefit from the expertise and record of Elaia.
The partnership is expected to serve as a natural extension of Elaia’s growth plan to cover later stages of development, while also benefitting from Lazard’s global distribution network.
It is designed to strengthen Elaia’s presence throughout the development cycle of technology companies. While participating in this new initiative, Elaia would continue to execute its current investment strategy in B2B technology and deep tech sectors.
Evan Russo, the CEO of Lazard Asset Management, informed, “We are excited about this opportunity to partner with Elaia Partners. Elaia Partners brings unique expertise alongside a leading track record in selecting and supporting European technology and deep tech entrepreneurs. This partnership would allow us to expand our investment offering with the ability to provide clients with access to unique private investment opportunities in technology.”
Xavier Lazarus, the co-founder and managing partner of Elaia, stated, “Over the past decade, France and Europe have developed their technology and deep tech entrepreneurial ecosystem, and we have already seen the emergence of global leaders out of our European tech hubs. It is now time for champions to emerge on the financing level. Leveraging Lazard's strong brand and global reputation, as well as the firm’s long history of asset management expertise, the opportunity of this partnership represents a tremendous growth accelerator for Elaia Partners.”
Over the past six months, shares of LAZ have gained 8.9% compared with the industry’s growth of 12.2%.
Earlier this month, Equity Bancshares, Inc. (EQBK - Free Report) , the holding company for Equity Bank, signed a definitive merger agreement to acquire Rockhold Bancorp, the parent company of the Bank of Kirksville, in an all-cash merger transaction.
The closing of the deal, subject to regulatory approval and satisfaction of customary closing conditions, is expected in first-quarter 2024. Notably, Rockhold's sole shareholder has already approved the transaction.
Per the terms of this agreement, the actual transaction value of $44.3 million may be subject to adjustment, based on the adjusted equity capital of Rockhold as of the deal closure.
EQBK expects the transaction to be 36 cents or 12% accretive to earnings per share (EPS) in 2024, and 45 cents or 14.3% accretive to EPS in 2025. EQBK anticipates the tangible book value earnback of 1.3 years.
LCNB Corp. (LCNB - Free Report) , the holding company for LCNB National Bank, signed an agreement to acquire Eagle Financial Bancorp, Inc. in a stock-and-cash transaction. The closing of the deal, subject to the approval of Eagle Financial shareholders and regulators, and other customary conditions, is expected in the second quarter of 2024. The approval of LCNB shareholders is not required.
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Lazard (LAZ), Elaia Enter Negotiations for Strategic Partnership
Lazard Ltd (LAZ - Free Report) , along with Elaia Partners, has entered exclusive negotiations to form a strategic partnership and launch a private investment platform to meet the increased demand of its institutional and private wealth management clients for private assets.
The transactions that will lead to the creation of the new platform are subject to prior information and consultation of the relevant employee representative bodies, the execution of definitive agreements and regulatory approvals. Notably, the transactions are expected to close in 2024.
The joint asset management firm will be based in Paris. It would enable Lazard and Elaia to meet the capital needs of future French and European technology and deep tech leaders.
The new firm would be led by Xavier Lazarus, co-founder and managing partner of Elaia, along with a newly hired investment team.
Lazard and Elaia focus on investment excellence and performance.
The partnership will help LAZ expand its range of products. Also, LAZ will benefit from the expertise and record of Elaia.
The partnership is expected to serve as a natural extension of Elaia’s growth plan to cover later stages of development, while also benefitting from Lazard’s global distribution network.
It is designed to strengthen Elaia’s presence throughout the development cycle of technology companies. While participating in this new initiative, Elaia would continue to execute its current investment strategy in B2B technology and deep tech sectors.
Evan Russo, the CEO of Lazard Asset Management, informed, “We are excited about this opportunity to partner with Elaia Partners. Elaia Partners brings unique expertise alongside a leading track record in selecting and supporting European technology and deep tech entrepreneurs. This partnership would allow us to expand our investment offering with the ability to provide clients with access to unique private investment opportunities in technology.”
Xavier Lazarus, the co-founder and managing partner of Elaia, stated, “Over the past decade, France and Europe have developed their technology and deep tech entrepreneurial ecosystem, and we have already seen the emergence of global leaders out of our European tech hubs. It is now time for champions to emerge on the financing level. Leveraging Lazard's strong brand and global reputation, as well as the firm’s long history of asset management expertise, the opportunity of this partnership represents a tremendous growth accelerator for Elaia Partners.”
Over the past six months, shares of LAZ have gained 8.9% compared with the industry’s growth of 12.2%.
Image Source: Zacks Investment Research
Currently, LAZ carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Inorganic Expansion Efforts by Finance Companies
Earlier this month, Equity Bancshares, Inc. (EQBK - Free Report) , the holding company for Equity Bank, signed a definitive merger agreement to acquire Rockhold Bancorp, the parent company of the Bank of Kirksville, in an all-cash merger transaction.
The closing of the deal, subject to regulatory approval and satisfaction of customary closing conditions, is expected in first-quarter 2024. Notably, Rockhold's sole shareholder has already approved the transaction.
Per the terms of this agreement, the actual transaction value of $44.3 million may be subject to adjustment, based on the adjusted equity capital of Rockhold as of the deal closure.
EQBK expects the transaction to be 36 cents or 12% accretive to earnings per share (EPS) in 2024, and 45 cents or 14.3% accretive to EPS in 2025. EQBK anticipates the tangible book value earnback of 1.3 years.
LCNB Corp. (LCNB - Free Report) , the holding company for LCNB National Bank, signed an agreement to acquire Eagle Financial Bancorp, Inc. in a stock-and-cash transaction. The closing of the deal, subject to the approval of Eagle Financial shareholders and regulators, and other customary conditions, is expected in the second quarter of 2024. The approval of LCNB shareholders is not required.