BP completes $6 billion sale of 65% Castrol stake to Stonepeak
BP has completed the sale of a 65% controlling stake in Castrol to Stonepeak, a deal that values the lubricants business at about $10.1 billion and generated roughly $6 billion in after-tax proceeds for BP. BP keeps a 35% minority stake, which it may sell after a two-year lock-up, and CPP Investments joins as an indirect minority investor. Castrol, the 127-year-old brand selling lubricants and thermal fluids in more than 150 countries, will run as a standalone company under CEO Michelle Jou, with former Shell CEO Ben van Beurden chairing the board.
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