(Reuters) – Abu Dhabi’s sovereign wealth fund ADQ held talks with investment bank Lazard Ltd (LAZ.N) to take it private earlier this year, but the discussions fell apart, with both sides walking away from a deal, the Financial Times reported on Tuesday.
The meetings were held between Lazard’s outgoing chief executive, Ken Jacobs, and ADQ’s chair Sheikh Tahnoon bin Zayed Al Nahyan, FT said, citing people familiar with the matter.
Lazard’s shares were up 3.4% in early morning trading on Tuesday.
ADQ, Abu Dhabi’s third-biggest sovereign wealth fund, has been stepping up dealmaking in the United Arab Emirates and overseas while hiring more bankers in the last two years.
Lazard, which reported a loss in the first quarter of this year, had warned of an uncertain annual outlook and said it would eliminate around 10% of its workforce in 2023.
ADQ and Lazard did not immediately respond to a Reuters request for comment.
