Stonepeak completes acquisition of 65% stake in Castrol from bp
BP•Stonepeak completed its acquisition of a 65% stake in Castrol from bp, which retains a 35% minority interest. Canada Pension Plan Investment Board will invest as an indirect minority holder, and former Shell CEO Ben van Beurden will chair Castrol’s newly appointed board.
1. Ownership change completed
Stonepeak completed its acquisition of a 65% stake in Castrol from bp, which retains a 35% minority interest. Canada Pension Plan Investment Board will invest in the transaction as an indirect minority holder. Ben van Beurden, former Shell CEO, will chair Castrol’s newly appointed board.
2. Castrol’s plans
The new ownership structure gives Castrol greater financial and operational flexibility to expand in existing and adjacent markets.
