Saudi-backed Midad Energy has signed a term sheet to acquire Russia’s Lukoil assets affected by Western sanctions, competing with rivals including private equity firm Carlyle Group. The agreement, reached in late January, covers all targeted assets and is conditional on approval from U.S. regulators, Reuters reports.
Under the deal, Midad will place its all-cash offer in escrow while seeking the necessary clearances, including from the U.S. Treasury. This approach aims to secure the transaction while adhering to sanctions restrictions. A source close to the negotiations described the bid as «high-stakes» and backed by strong political connections in...