BP completes $6 billion sale of 65% Castrol stake to Stonepeak, keeps 35% in JV

BP has completed the sale of a 65% stake in its Castrol lubricants business to private equity firm Stonepeak for $6 billion in after-tax proceeds, retaining a 35% interest in a newly formed joint venture. The cash will pay down debt and strengthen the balance sheet; BP's net debt reached $13.9 billion, meeting its target a year early. Ex-Shell CEO Ben van Beurden will chair Castrol.

Detected & updated continuously · Source: Nebula