BP Sells Majority Castrol Stake to Stonepeak in $10 Billion Deal

• BP agreed to sell a 65% stake in Castrol to private equity firm Stonepeak at a $10 billion enterprise valuation.
• BP will receive approximately $6 billion in net proceeds and retain a 35% stake in a new joint venture.
• The sale is a key part of BP's $20 billion divestment program, aiming to reduce complexity and focus downstream businesses.
• Proceeds from the transaction will be used to reduce BP's net debt, targeting $14-18 billion by end-2027.
• The deal, which includes minority interests in markets like India, is expected to close by end-2026, pending approvals.

Why It Matters: BP offloads majority Castrol stake to Stonepeak, accelerating divestment and debt reduction.