Castrol Sold by BP to Stonepeak in $10.1 Billion Deal

Stonepeak, a New York-based alternative investment firm that specializes in infrastructure and real assets, announced on Wednesday that it has reached an agreement to acquire Castrol from BP in a transaction valuing the business at an enterprise value of about $10.1 billion.

Per terms of the deal, BP will retain a 35% minority interest in Castrol and Canada Pension Plan Investment Board will invest up to $1.05 billion in support of the transaction, which will result in an indirect stake in Castrol. The deal is expected to close by the end of 2026.

“We are thrilled to have Stonepeak join us as a partner in Castrol,” Michelle Jou, global CEO of Castrol, said in a news release announcing the deal. “Stonepeak’s capital support, energy sector expertise, and experience working with similar companies that provide essential services will be immensely additive in helping the business to innovate and grow

“This transaction reflects our commitment to investing in the future and creating new opportunities for growth and success at Castrol, and we are proud that Stonepeak shares in our vision for the business as we take the next step in our journey.”

One of the largest lubricants providers globally, Castrol serves automotive customers, as well as commercial and industrial end markets. The company manufactures and markets engine oils, industrial fluids, and greases through about 20 blending plants and more than 100 third-party facilities and warehouses across 150 countries.