ConocoPhillips, the US oil giant, has beaten off competition to buy the Russian government's stake in Lukoil for $2bn (€1.6bn). The deal marks a coup for Compass Advisers, the corporate finance boutique which advised the Russian oil company.

Compass, which was associated with private equity firm Compass Partners until it became independent in August 2001, acted as financial adviser to Lukoil on the sale of the Russian government's 7.6% stake to ConocoPhillips for $1.99bn, or $30.76 per share. The deal is one of the largest in which Compass has been involved.