A consortium led by US billionaire Todd Boehly is preparing a securities swap to acquire sanctioned Russian oil major Lukoil's international assets and a deal is expected within weeks, four people close to the sales process said.
A bank acting on behalf of the consortium has purchased billions of dollars of frozen Lukoil securities from Western investment funds to exchange for the company's foreign assets, three of the people said.
If completed, the transaction would conclude a sale process that has dragged on for more than a year and initially valued the portfolio involved at $22 billion.
Lukoil's foreign assets include petrol stations, oilfields and refineries and in Europe, the Middle East and Africa.
The consortium includes Boehly, a Miami-based businessman who owns stakes in Los Angeles sports teams the Dodgers and the Lakers, and Emirati investors International Holding Company (IHC) and Al Hail Holding. The Syrian-Qatari Al-Khayat brothers and the US International Development Finance Corp (DFC) are also backing the bid.
Full story EXCLUSIVE: US billionaire leads swap plan to buy Lukoil's overseas assets, sources say | Reuters
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