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. Last Updated: 07/27/2016

Pearson Ditches Lazard

LONDON -- Pearson PLC, owner of The Financial Times newspaper and other top media brands, agreed Thursday to sell its stakes in the three Lazard investment bank houses for pounds 410 million ($646.9 million) cash to French investment fund Gaz et Eaux.

Gaz et Eaux itself has close links to Lazard, meaning that the deal will effectively put ownership of the investment bank back within the Lazards fold, although Lazard Brothers' Chairman David Verey said there were no plans to float the group.