US-based Stonepeak Completes Acquisition of 65% Stake in bp's Castrol, Transaction Valued at $10.1 Billion

en.Wedoany.com Reported - On November 2, US infrastructure investment firm Stonepeak completed the acquisition of a 65% stake in Castrol, the lubricants business of bp, with bp retaining a 35% minority stake. The transaction was agreed on December 24, 2025, with Castrol's total enterprise value at approximately $10.1 billion. bp's after-tax net proceeds from the sale of the business amount to approximately $6 billion, which will be used to reduce debt.

The Canada Pension Plan Investment Board (CPP Investments) participated in the transaction through an indirect minority equity investment. Following the completion of the transaction, Castrol established a new board of directors, chaired by Ben van Beurden, former Chief Executive Officer of Shell and current Chairman of Clariant Group. The board comprises four independent directors (including the Chairman), three Stonepeak-affiliated directors, two bp representatives and one CPP Investments representative.

bp has used the approximately $6 billion in after-tax net proceeds from the transaction to further reduce its financial liabilities. The company's financial report for the third quarter of 2026 shows that, as of September 30, the carrying value of the relevant assets held for sale was $7.673 billion, including goodwill of $2.707 billion, with related liabilities of $2.293 billion.

Castrol's existing business covers the automotive, marine, industrial equipment and energy sectors, with products sold in more than 150 countries worldwide and over 6,000 employees. Following the completion of the transaction, Castrol's current Chief Executive Officer Michelle Jou will continue to lead the company's operations, while Stonepeak will participate in operational improvements and the expansion of existing businesses.