BP to Sell 65% Stake in Castrol to Stonepeak for $6 Billion
BP has announced the sale of a 65% stake in its Castrol lubricants business to U.S. investment firm Stonepeak for approximately $6 billion. The deal is part of BP's strategic plan to divest $20 billion in assets and refocus on core oil and gas operations. BP will retain a 35% stake in the new joint venture.
Insights:
BP p.l.c. has agreed to sell a 65% stake in its Castrol lubricants business to U.S. investment firm Stonepeak for approximately $6 billion, valuing the entire business at a $10.1 billion enterprise value. This transaction marks the largest asset sale announced by BP to date under its $20 billion divestment program aimed at reducing net debt and refocusing on core oil and gas operations.
