A new bid has emerged in the CITGO auction as Black Lion Capital Advisors formally presents its binding and irrevocable offer to acquire 100% of the shares of CITGO Petroleum Corporation for USD 8 billion in cash for the Venezuelan refinery, a subsidiary in the United States of Petróleos de Venezuela S.A. (PDVSA).
The proposal, directed to the judge of the U.S. District Court for the District of Delaware, is part of the case Crystallex Int’l Corp. against the Bolivarian Republic of Venezuela, as well as Robert B. Pincus, the court-appointed expert in the asset sale process for PDV Holding, which owns the shares of CITGO.
The offer indicates that Black Lion Citgo Group LLC—a consortium of strategic partners—is the main bidder, with Quazar Investment, Anex Management Ltd., and Fortress Management, LLC as leading investors. It notes that the offering could rise to as much as USD 12 billion, covering not only the purchase price but also court fees, government fees, and additional funds.
The Bid by Black Lion Capital Advisors
The total combined offer from Black Lion Citgo Group LLC for CITGO for all investors is up to USD 12 billion
Black Lion Capital Advisors, on behalf of Black Lion Citgo Group LLC, submitted a formal and irrevocable offer to acquire 100% of the shares of CITGO Petroleum Corporation by purchasing PDV Holding, Inc., for a total of USD 8 billion in cash.
This offer arises amid the CITGO auction overseen by the Delaware Court, which is binding and unconditional, subject to court review, compliance with regulatory requirements—including OFAC authorization, if needed—and due diligence.
Key Offer Details for CITGO
The bidder, Black Lion Citgo Group LLC, is a consortium officially led by Black Lion Capital Advisors, a venture capital firm whose main investors are Quazar Investment, Anex Management Ltd., and Fortress Management, LLC.
This is a combined total offer for all investors of up to USD 12 billion, which includes:
a base purchase price of USD 8 billion, plus
additional amounts as necessary for court fees, government fees, isolation funds up to USD 3 billion, and other costs as ordered by the court.
The offer is binding and unconditional, subject only to:
- Procedural review by the court.
- Compliance with applicable regulatory requirements, including OFAC authorization “where and if required.”
- Data room review and confirmation of material assumptions through standard due diligence.
The offer was submitted on June 17, 2025, within the established timeline, with the bid improvement period concluding on June 18, 2025.
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