BP completes sale of 65% of Castrol to Stonepeak and will use $6 billion to cut debt
BP has finished selling a 65% stake in its Castrol lubricants business to US investment firm Stonepeak and keeps 35% in a new joint venture, the company said on Monday. Former Shell chief executive Ben van Beurden becomes chairman of the business.
BP has completed the sale of a 65% stake in its Castrol lubricants business to Stonepeak, a US private equity firm, the British oil company said on Monday 2 November.
The deal. BP said it will use the after-tax proceeds of about $6 billion to reduce its debt, Reuters reported. The company agreed the sale last year and keeps a 35% stake in a new joint venture with Stonepeak that owns Castrol, according to Reuters.
Leadership. Ben van Beurden, a former chief executive of Shell, becomes chairman of the company that will run Castrol, the energy news site Upstream reported. Michelle Jou is Castrol’s chief executive, according to Upstream.
Stonepeak’s view. Stonepeak described the completed deal as the acquisition of a “majority controlling interest” in Castrol from BP in its own announcement.
The sale was one of several large deals announced or completed on Monday, according to a Reuters round-up, along with Marvell Technology’s agreement to buy Lumentum. See: Marvell agrees to buy Lumentum.
Sources
- bp completes Castrol transaction · BP
- BP completes sale of 65% Castrol stake to Stonepeak (Reuters) · Reuters via Devdiscourse
- BP completes Castrol sale to Stonepeak as former Shell CEO tapped as chairman · Upstream
- Stonepeak Completes Acquisition of Majority Controlling Interest in Castrol From bp · Stonepeak via Business Wire
- Offres du jour - Fusions et acquisitions, 2 novembre 2026 (Reuters) · Boursorama (Reuters)
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