BP Sells 65% of Castrol to Stonepeak in $10.1 Billion Deal: Debt Reduction, New JV, and What Happens Next
bp agreed to sell a 65% stake in Castrol to Stonepeak for an enterprise value of about $10.1 billion, expecting net proceeds of $6.0 billion. bp will retain 35% in a new joint venture and may sell this after a two-year lock-up. CPP Investments will invest up to $1.05 billion for an indirect, non-controlling interest. The deal is expected to close by end-2026, pending regulatory approval.