Key Takeaways
- • Stonepeak has completed its acquisition of a 65% stake in Castrol from bp, with bp retaining a 35% minority interest.
- • CPP Investments is investing as an indirect minority holder, having agreed to commit up to $1.05 billion in support of the deal.
- • The transaction was agreed in December 2025 at an enterprise value of about $10.1 billion for Castrol.
- • Castrol formed a new board chaired by Ben van Beurden, with three Stonepeak directors, two bp directors, one CPP Investments director and four independent directors.
Summary
Stonepeak has completed its acquisition of a 65% stake in Castrol from bp, according to the primary report, leaving bp with a 35% minority interest in the U.K.-based lubricants business. The deal was first agreed in December 2025, when it valued Castrol at about $10.1 billion in enterprise value.
CPP Investments is participating as an indirect minority holder and has agreed to commit up to $1.05 billion in support of the transaction. The structure places CPP Investments alongside bp as a minority investor behind Stonepeak's controlling position.
Castrol manufactures engine oils, industrial fluids and greases used in cars, trucks, machinery and ships. The company serves the automotive, marine, industrial and energy sectors, sells products in more than 150 countries and employs more than 6,000 people. It is led by CEO Michelle Jou.
At closing, Castrol established a new board chaired by Ben van Beurden. The board includes four independent directors, three appointed by Stonepeak, two by bp and one by CPP Investments. Anthony Borreca, senior managing director at Stonepeak, said near-term priorities will focus on operational improvement and sustainable growth. UBS acted as financial advisor to Stonepeak, with Simpson Thacher & Bartlett and DLA Piper serving as its legal counsel.
CPP Investments is participating as an indirect minority holder and has agreed to commit up to $1.05 billion in support of the transaction. The structure places CPP Investments alongside bp as a minority investor behind Stonepeak's controlling position.
Castrol manufactures engine oils, industrial fluids and greases used in cars, trucks, machinery and ships. The company serves the automotive, marine, industrial and energy sectors, sells products in more than 150 countries and employs more than 6,000 people. It is led by CEO Michelle Jou.
At closing, Castrol established a new board chaired by Ben van Beurden. The board includes four independent directors, three appointed by Stonepeak, two by bp and one by CPP Investments. Anthony Borreca, senior managing director at Stonepeak, said near-term priorities will focus on operational improvement and sustainable growth. UBS acted as financial advisor to Stonepeak, with Simpson Thacher & Bartlett and DLA Piper serving as its legal counsel.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.