Exclusive-US Billionaire Leads Swap Plan to Buy Lukoil’s Overseas Assets, Sources Say
The consortium bought frozen Lukoil securities at 30 cents on the dollar, and the deal could close within weeks, people familiar with the process said.
- A consortium led by U.S. billionaire Todd Boehly is preparing a cashless securities swap to acquire sanctioned Russian oil major Lukoil's international assets, with a deal expected within weeks.
- To facilitate the acquisition, the consortium purchased billions of dollars of frozen Lukoil securities from around 10 Western investment funds at 30 cents on the dollar, reflecting their sanctioned status.
- More than a dozen companies, including Exxon Mobil and Chevron, initially bid for the assets, though Carlyle dropped out last month, leaving Boehly's consortium in the lead.
- The U.S. Treasury rejected a previous offer from Xtellus Partners in December 2025, saying Lukoil should not receive a windfall; the consortium now promises escrow placement to address regulatory concerns.
- Valued initially at $22 billion, the portfolio includes oilfields, refineries, and stations across Europe, the Middle East, and Africa, testing whether sanctions can compel divestment while limiting Moscow's financial gains.
13 Articles
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US billionaire Todd Boehly’s consortium buys frozen Lukoil securities at 70% discount, moving closer to $22 billion asset deal spanning oil and gas interests in five African countries
US billionaire Todd Boehly’s consortium has bought billions in frozen Lukoil securities as it pursues a $22 billion global portfolio containing oil and gas interests across five African countries.
The consortium, led by American investor Todd Boeli, is preparing a deal to exchange the foreign assets of the Russian oil company Lukoil for its frozen securities, writes Reuters. The deal is expected in the coming weeks. According to Reuters sources, the bank representing the consortium has already purchased frozen Lukoil paper from a dozen investors from the United States and Britain. In October 2025, the United States imposed sanctions on Lu…
A consortium led by the American billionaire Todd Boehly is preparing an exchange of securities to acquire the international assets of Russian oil company Lukoil, subject to sanctions, and an agreement is expected within a few weeks, four people said close to the sale process. A bank acting on behalf of the consortium bought billions of dollars in Lukoil's frozen securities from Western investment funds to trade them for the company's assets abr…
A consortium led by US billionaire Todd Boely is preparing a deal to acquire LUKOIL’s international assets in exchange for frozen securities of the Russian oil company. The deal is expected to be concluded within weeks, Reuters reported, citing four people familiar with the process. A bank acting on behalf of the consortium has already bought several billion dollars worth of LUKOIL securities from Western investment funds. According to the sourc…
Exclusive-US billionaire leads swap plan to buy Lukoil’s overseas assets, sources say
By Anna Hirtenstein, Timour Azhari and Jarrett Renshaw LONDON, Nov 3 (Reuters) - 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 ...
U.S. Billionaire Leads Swap Plan to Buy Lukoil's Overseas Assets, Sources Say
A consortium led by U.S. 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.
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