Recently, BP announced that it has reached an agreement with Stonepeak to sell a 65% stake in Castrol to Stonepeak for $10 billion.
BP stated that upon completion of the transaction, it will establish a new joint venture with Stonepeak, in which Stonepeak will hold a 65% stake and BP will hold a 35% stake.
The retained stake allows BP to benefit from Castrol's growth plans over the coming years, which are built upon Castrol's performance of achieving year-on-year profit growth for nine consecutive quarters. After a two-year lock-up period, BP will have the option to sell its 35% stake in Castrol.
