Stonepeak completes purchase of 65% of Castrol from bp

Stonepeak, an infrastructure-focused alternative investment firm, has completed the acquisition of a 65% stake in Castrol from BP. BP will retain a 35% minority interest in the lubricants business. The companies did not disclose a transaction value in the announcement.

The new ownership is meant to give Castrol greater financial and operational flexibility to accelerate growth in its existing markets and adjacent ones. Stonepeak's Anthony Borreca said near-term efforts will focus on operational improvement and sustainable growth. Castrol CEO Michelle Jou said the company begins its next phase from a position of strength.

Canada Pension Plan Investment Board will invest in the transaction as an indirect minority holder. A newly formed Castrol board, chaired by Ben van Beurden, has been appointed at closing. It includes four independent directors, three Stonepeak-affiliated directors, two bp directors and one CPP Investments director.