Overview
- Castrol is valued at $10.1 billion in the transaction, with BP expecting about $6 billion in net proceeds.
- BP will retain a 35% interest via a joint venture with a two-year lock-up and the option to exit thereafter.
- Completion is targeted by the end of 2026 subject to regulatory approvals.
- Stonepeak said Canada Pension Plan Investment Board will invest up to $1.05 billion, and the deal includes roughly $800 million in accelerated dividends.
- The sale raises BP’s announced divestment proceeds to about $11 billion toward its $20 billion target.