bp has completed the sale of a 65% stake in Castrol to investment firm Stonepeak, generating $6 billion in after-tax proceeds. The transaction supports bp’s strategy to strengthen its balance sheet and reduce financial obligations.
Castrol will operate as an independent company with its own management, governance and strategic priorities, while bp retains a 35% minority stake, which it may sell after a two-year lock-up period.
The deal is expected to give Castrol greater autonomy to accelerate its growth, particularly in advanced mobility solutions and data centre cooling. Stonepeak will support the company’s next development phase, building on its strong brands, customer relationships and innovation capabilities.
bp does not expect to receive dividends or recognise earnings from its retained stake in the short to medium term.
Source : : Communiqué bp
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