The key facts
- Todd Boehly's consortium, according to Reuters, is preparing a deal to exchange frozen LUKOIL securities for the company's foreign assets worth $22 billion
- Besides Boehly, the consortium is said to include International Holding Company (Abu Dhabi), Al Hail Holdings, Qatari billionaires Ramez and Mutaz Al-Khayyat, and the U.S. International Development Finance Corporation
- The U.S. Treasury extended until November 21 the general license allowing negotiations on the sale of assets of Lukoil International GmbH
Consortium prepares swap of securities for assets
A consortium led by American billionaire Todd Boehly plans to acquire LUKOIL's foreign assets worth $22 billion. To this end, the members of the group are preparing a securities exchange deal, Reuters reports, citing sources. According to the agency, a bank acting on behalf of the consortium has already bought up the frozen securities of the Russian company from Western investors; they are later to be exchanged for LUKOIL's foreign assets. Reuters sources expect the deal to be completed within the next few weeks.
Who is part of the consortium
Besides Todd Boehly himself, Reuters sources name the Abu Dhabi-based investment fund International Holding Company and the Emirati holding Al Hail Holdings among the participants, as well as Qatari billionaires of Syrian origin Ramez and Mutaz Al-Khayyat and the U.S. International Development Finance Corporation. All listed participants are cited from agency sources; the publications contain no official confirmation of the consortium's composition.
Sanctions window for negotiations
The deal is unfolding against the backdrop of sanctions restrictions: the U.S. Department of the Treasury previously extended the validity of the general license until November 21, which allows negotiations on the sale of LUKOIL's foreign assets. As Life.ru reported, the document covers operations related to discussing the sale, divestment, or transfer of Lukoil International GmbH and its assets. Thus, the deal timeline of
