Lazard and IntesaBCI announce formation of strategic alliance for Italy

Lazard LLC and IntesaBCI have announced the formation of a strategic alliance to develop a broad range of investment banking activities in Italy. IntesaBCI will become a 40% partner of M&A advisory firm Lazard Italy, which will continue to conduct its business in its current name and to be managed as a strategically integrated part of Lazard. IntesaBci and Lazard each will have three members on the board of directors of Lazard Italy. Gerardo Braggiotti, co-chairman of Lazard International, will continue as chairman of Lazard Italy and Arnaldo Borghesi as chief executive. Lazard Italy will continue to provide mergers and acquisitions advisory services, general corporate finance and corporate restructuring advice, as well as equity advisory and origination services to large and medium-sized Italian corporations and governmental institutions. IntesaBCI and Lazard also intend to enter separate commercial arrangements for European private equity, the distribution of Lazard asset management products in Italy and potentially in other areas of cooperation. In connection with these transactions, IntesaBCI will become an economic partner of Lazard through a financial commitment of $300m for a combination of its participation in Lazard Italy and a long-term convertible subordinated note of Lazard LLC, convertible into a 3% equity goodwill interest in the firm. The completion of IntesaBCI’s participation in Lazard Italy is subject to the approval of the Bank of Italy.

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• Topics
• Southern Europe