Business · Companies · 7 hrs ago
Boehly-led group prepares swap deal for Lukoil’s overseas assets
A consortium led by U.S. businessman Todd Boehly is preparing to buy Lukoil’s overseas assets through an exchange of securities.
The assets include oilfields, refineries and petrol stations across Europe, the Middle East and Africa.
A bank working for the consortium has bought frozen Lukoil securities from Western investors to use in the proposed deal.
The cashless plan is intended to exchange those securities for the international assets, rather than pay cash.
The consortium also includes investors from the United Arab Emirates, the Al-Khayat brothers and the U.S. International Development Finance Corp.
Lukoil began seeking a buyer after U.S. sanctions were imposed in October 2025, and an earlier agreement with U.S. investment firm Carlyle expired.
The portfolio was initially valued at $22 billion, but some assets have stopped operating and its value has fallen.
The deal could be completed within weeks, but it remains subject to the process for selling sanctioned assets.
A consortium led by U.S. businessman Todd Boehly is preparing a securities swap to acquire Lukoil’s international assets, according to sources cited by Reuters.
The consortium’s bank has bought frozen Lukoil securities from Western investors to exchange for the assets, the sources said.
The deal is expected within weeks, but has not been completed.
The consortium also includes Emirati investors, the Al-Khayat brothers and the U.S. International Development Finance Corp.
Lukoil’s overseas portfolio includes oilfields, refineries and petrol stations in Europe, the Middle East and Africa.
- Who
- A consortium led by Todd Boehly, with Emirati investors, the Al-Khayat brothers and the U.S. International Development Finance Corp.
- What
- It is preparing to exchange frozen Lukoil securities for the company’s international assets.
- When
- The plan was reported on November 3, 2026. Sources said a deal is expected within weeks.
- Where
- The assets are in Europe, the Middle East and Africa.
- Why
- Lukoil announced plans to sell its international assets after being placed on U.S. and UK sanctions lists.
This story does not have two clearly opposing sides.
The sale process began following U.S. sanctions on Lukoil.
The U.S. Treasury rejected an earlier offer from a group that included Xtellus Partners.
Carlyle dropped out of the race, leaving the Boehly-led consortium in the lead.
Reports said the consortium was preparing a securities swap, with a deal expected within weeks.
- Consortium leader
- Todd Boehly
- Additional backers
- International Holding Company, Al Hail Holding, the Al-Khayat brothers and U.S. DFC
- Portfolio’s initial valuation
- $22 billion
- Securities purchase price
- 30 cents on the dollar
- Securities sources
- Around 10 U.S. and British investment funds, and U.S. depositary banks
4 sources
Consortium led by Boehly preparing securities swap deal for Lukoil assets — Reuters
Reuters узнал о подготовке сделки по продаже активов «Лукойла»
U.S. Billionaire Leads Swap Plan to Buy Lukoil's Overseas Assets, Sources Say
U.S. billionaire Todd Boehly leads swap plan to buy Russian Lukoil’s overseas assets, sources say
What people are saying
they do not comment on potential investment activities