Castrol majority acquisition agreement

Stonepeak agreed on 24 December 2025 to acquire a controlling interest in Castrol from bp. The agreement values Castrol at approximately $10.1 billion enterprise value and leaves bp with a 35% minority interest. CPP Investments may invest up to $1.05 billion for an indirect interest; that amount is separate from enterprise value and Stonepeak's own equity contribution was not stated. Castrol supplies lubricants to automotive, commercial and industrial customers in 150 countries through blending and third-party facilities. Closing was expected by the end of 2026 subject to approvals. UBS advised Stonepeak, with Simpson Thacher and DLA Piper as legal counsel and Paul Weiss as financing counsel.