WASHINGTON (dpa-AFX) - A consortium led by U.S. billionaire Todd Boehly is preparing a securities-swap transaction to acquire sanctioned Russian oil major Lukoil's international assets, with a deal expected within weeks, according to a Reuters report.
The proposed transaction would involve exchanging billions of dollars in frozen Lukoil securities held by Western investors for the company's overseas portfolio, which includes oilfields, refineries and petrol stations across Europe, the Middle East and Africa.
The consortium also includes Emirati investors International Holding Company and Al Hail Holding, the Al-Khayat brothers and the U.S. International Development Finance Corporation. A bank representing the group has reportedly purchased Lukoil securities from around 10 U.S. and British investment funds, with the shares priced at approximately 30 cents on the dollar.
The portfolio was initially valued at $22 billion, although its value has declined as some assets have ceased operations. The proposed structure would place the exchanged shares in an escrow account rather than transfer them directly to Lukoil, addressing concerns over sanctions restrictions.
More than a dozen potential buyers previously expressed interest, but Carlyle withdrew from the process last month, leaving the Boehly-led consortium in the lead.
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