Stonepeak has completed its acquisition of a 65% controlling stake in Castrol from bp, ending the oil giant's sole ownership of the 127-year-old lubricants brand. bp retains a 35% minority stake but will not receive dividends or book earnings from it in the short to medium term. The transaction valued Castrol’s implied equity at $8.0 billion after accounting for $1.8 billion in minority interests—primarily in Indian joint ventures—and $0.3 billion in debt-like obligations. Stonepeak holds preference on distributions, and bp is subject to a two-year lock-up before it can sell its remaining stake.
Anthony Borreca, Senior Managing Director at Stonepeak, called the deal an exciting milestone in Castrol’s long history.
Source: PE Insights · Summarized by HeadlinesBriefing