BP Completes $6 Billion Sale of Majority Stake in Castrol Brand
BP has finalized the sale of a 65% majority stake in its Castrol lubricants brand to Stonepeak Partners for $6 billion. Under the terms of the agreement, BP will retain a 35% ownership interest in the business. The company confirmed that the transaction proceeds are intended to strengthen its balance sheet and facilitate debt reduction. This strategic move aligns with BP's broader financial management goals as it manages capital allocation across its energy portfolio.
Tickers: $BP
Topics: Balance Sheet Strengthening Lubricants M&A