BP has completed the $6 billion transaction that saw its flagship lubricants brand, Castrol, transferred to private‑equity firm Stonepeak Partners. The deal, which closed on Thursday, includes the Castrol brand, its manufacturing facilities, sales network and 1,300 employees. Stonepeak will assume $3.5 billion of Castrol’s debt, while BP receives $6 billion in cash.
The sale is part of BP’s broader strategy to streamline its portfolio and concentrate on core energy businesses. Analysts note that divesting the lubricants arm frees up capital that the company can deploy in low‑carbon projects and infrastructure upgrades.
BP’s shares, listed on the London Stock Exchange under BP.L and the New York Stock Exchange under BP, were little moved by the announcement, trading within 0.5 % of the previous close. Stonepeak, a private‑equity investment firm, does not have a public ticker.
The transaction underscores the continued interest of private‑equity investors in established industrial brands, while allowing BP to sharpen its focus on the transition to cleaner energy sources.