US government and Gulf billionaires back Todd Boehly bid for Lukoil assets - Financial Times

US government and Gulf billionaires back Todd Boehly bid for Lukoil assets

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US government and Gulf billionaires back Todd Boehly bid for Lukoil assets

Consortium aims to unseat Carlyle, which struck deal to buy Russian group’s international business in January

!Todd Boehly speaks on stage, gesturing with his right hand, with a purple-lit background behind him.

*Billionaire financier Todd Boehly in London in June © Vianney Le Caer/Getty Images*

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Malcolm Moore, Lee Harris and Arash Massoudi in London and Max Seddon in Berlin

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Billionaire financier Todd Boehly has secured the backing of the US government and Gulf power brokers with ties to the Trump family to bid for the international assets of Lukoil, which were put up for sale after the Russian oil company was hit with US sanctions last year.

Boehly, who sold his stake in Chelsea Football Club last week, had been working on a potential deal for months, two people close to the process said, aiming to unseat US private equity group Carlyle, which agreed to buy the assets in January.

The US International Development Finance Corporation and Sheikh Tahnoon bin Zayed al-Nahyan, brother of the UAE’s president, are in Boehly’s consortium. Qatar’s billionaire Al-Khayyat family, which has worked closely with the White House and Trump family members on property and energy projects, is also included.

The DFC, which is part of the US federal government and invests in overseas projects, is expected to take a mid-teens equity stake in the new company, said two people familiar with the matter. The agency is headed by Ben Black, the son of Leon Black, the co-founder of private equity firm Apollo.

The Boehly group has not yet finalised a deal with Lukoil. People familiar with the matter said its proposal was advanced, but the extent of any conversations between the parties was unclear.

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