Elliott and other U.S. investors have agreed to pay nearly $7.3 billion to acquire Citgo’s parent company, with proceeds set to help compensate creditors of the bankrupt Venezuelan government.

Financial firm Elliott Investment Management's conditional offer for shares was accepted by a U.S. court officer overseeing an auction that will determine the future ownership of Venezuela-owned oil refiner Citgo Petroleum,

An Elliott Investment Management affiliate won an auction for Citgo Petroleum Corp.’s parent company with a bid for $7.3 billion, clearing a key hurdle in the fund’s push to acquire an oil refiner that was once Venezuela’s largest foreign asset.