Stonepeak has completed its acquisition of a 65% controlling stake in Castrol from bp, in a deal that valued the lubricants business at about US$10.1bn, the US investor said on 2 November 2026.
Why Stonepeak is buying Castrol
For bp, the sale is part of a plan to raise about US$20bn from disposals by the end of 2027 and strengthen its balance sheet. Chief executive Meg O'Neill said the deal brought meaningful cash proceeds while retaining a stake in Castrol's future growth.
Deal terms and financing
bp keeps a 35% interest and is subject to a two-year lock-up, after which it may sell the remainder. CPP Investments is investing as an indirect minority holder. bp expected total net proceeds of around US$6bn, including about US$0.8bn linked to prepaid future dividends on its retained stake.
Regulatory approvals and timing
Completion followed the regulatory approvals required for the transaction, which was announced in December 2025 with closing targeted by the end of 2026.
Market context
Castrol is headquartered in the UK, employs more than 6,000 people and sells lubricants and thermal management fluids in over 150 countries. Its new board has four independent directors including chair Ben van Beurden, three Stonepeak directors, two bp directors and one from CPP Investments. bp's net debt fell to US$13.87bn at 30 September from US$26.05bn a year earlier.
