Lazard PE unit to own up to 25% in Australia’s Hastie Group
Lazard’s private equity unit will acquire between 16% and 25% of Hastie Group by participating in the struggling technical services firm’s A$170 million ($180 million) share offering. Lazard, which will be entitled to one board seat, has agreed to a 12-month lockup period on its holding.
Hastie derives most of its business from the building industry in the UK, Ireland, the Middle East and Australasia, and has been hit hard by weak property markets. Its debts total A$274 million ($291 million),...
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