Overview
- The transaction will generate about $6 billion in net proceeds for BP, including roughly $800 million of accelerated dividend pre-payments linked to its retained stake.
- BP will retain a 35% interest through a joint venture with a two-year lock-up and an option to sell the remainder afterward.
- Completion is expected by the end of 2026 subject to regulatory approvals, with local processes in markets such as India shaping the timetable.
- Stonepeak said the Canada Pension Plan Investment Board will invest up to $1.05 billion, securing an indirect stake in Castrol.
- Analysts highlighted that the headline valuation implies a lower adjusted enterprise value near $8 billion after minority and debt-like items, and Castrol India shares jumped intraday before trimming gains.