Blackstone/Lazard takeover?
http://blogs.wsj.com/deals/2007/07/12/deal-yenta-…
Thoughts on speculation?
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Blackstone PE/restructuring + Lazard M&A. combining different strengths is not a bad idea, though this probably means the Blackstone M&A guys will get canned.
From Theflyonthewall.com: (Grammatical and spelling errors theirs, not mine. Note: "spec" stands for speculation)
"Lazard-LAZ options priced for Catalyst on spec UBS want LAZ for Wasserstein. LAZ, a financial advisory and asset manager, is lead by legendary Bruce Wasserstein. LAZ has a market cap of $2.4 billion. UBS, one of the world's leading financial firms, with a market cap of $118 billion has announced several top level departures over the last three months. LAZ options are priced for a upside catalyst. The catalyst could be UBS buying LAZ for Wasserstein's leadership skills. LAZ July 55 calls have traded 49 times on transaction volume of 1,233 contracts. LAZ July option implied volatility is at 55; August is at 39; above its 26-week average of 35 according to Track Data, suggesting larger fluctuations."
This would be wild. Last week, UBS announced intentions to make US aquisitions. UBS also needs a strong US advisory brand name. But I really doubt there is ANY substance to this rumor.
As for Blackstone. I think it makes sense. KKR wrote in their prospectus that they plan to build certain investment banking-like capabilities post-IPO. Perhaps Blackstone is thinking along the same lines.
This will never happen.
Blackstone's M&A business, which smaller than Lazard, is about 2-3x more profitable than Lazard's on a per-MD basis or a per-banker basis. Perhaps 5% of Lazard's MDs would be seen as being sufficiently profitable on a Blackstone platform.
Why would Blackstone ever do a deal like that? Think
BS M&A + LAZ makes no sense.
To whitewind though: I'm not US based so not the most familiar with BS M&A, but I was under the impression BS M&A got business off the back of their PE activity (where do you get the multiples from?). Lazard on the other hand is known for having a ridiculously high revenue per banker ratio (one of, if no the best on the street)...
If this deal actually happens, would this combination be a big blow to Houlihan Lokey?
It seems like Laz is making a concerted effort towards improving their MM M&A with the acq of Goldsmith. The acq of Goldsmith is a great move by Laz, as large dollar M&A is probably near its peak. A move into the MM could help offset the loss of some fees on big deals.
With that development and the combination of two of the top three restructuring divisions on Wall St, it seems like HLHZ might be in for some tough times.
Any thoughts?
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