BP completes sale of 65% stake in Castrol to Stonepeak
BP•BP completed the sale of a 65% stake in Castrol to Stonepeak, receiving $6 billion after tax. BP plans to use the proceeds to reduce financial obligations and strengthen its balance sheet.
1. Sale proceeds and stake
BP said the $6 billion in after-tax proceeds include about $800 million in prepaid dividend income. It retained a 35% stake that can be sold after a two-year lock-up period. Castrol will operate as a standalone company with its own management, governance and strategic priorities; no earnings recognition or dividends are expected in the short to medium term.
