Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 99

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 99
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Financial Advisory

The following table sets forth global M&A and restructuring industry statistics for completed and announced M&A transactions and completed restructuring transactions. 

Three Months EndedJune 30,Six Months EndedJune 30,20252024%Incr / (Decr)20252024%Incr / (Decr)($ in billions)Completed M&A Transactions:All deals:Value$814 $801 2 %$1,646 $1,467 12 %Number7,184 9,725 (26)%15,871 19,636 (19)%Deals Greater than $500 million:Value$666 $617 8 %$1,320 $1,098 20 %Number253 275 (8)%541 525 3 %Announced M&A Transactions:All deals:Value$1,086 $823 32 %$2,166 $1,699 27 %Number8,359 10,580 (21)%17,836 20,791 (14)%Deals Greater than $500 million:Value$892 $605 47 %$1,768 $1,293 37 %Number341 318 7 %679 575 18 %Completed Restructuring    Transactions:All deals:Value$66 $109 (39)%$171 $246 (30)%Number78 116 (33)%176 244 (28)%____________________________________

Source: Dealogic as of July 3, 2025.

Another measure of global restructuring activity is the number of corporate defaults, which decreased during the first half of 2025 as compared to the first half of 2024. The number of defaulting issuers was 64 in the first half of 2025, according to Moody’s Investors Service, Inc., as compared to 80 in the first half of 2024.

Net revenue trends in Financial Advisory are generally correlated to the level of completed industry-wide M&A transactions and restructuring transactions occurring subsequent to corporate debt defaults. However, deviations from this relationship can occur in any given year for a number of reasons. For instance, our results can diverge from industry-wide activity where there are material variances from the level of industry-wide M&A activity in a particular market where Lazard has greater or lesser relative market share, or regarding the relative number of our advisory engagements with respect