Stonepeak completes majority purchase of Castrol
Stonepeak has completed its acquisition of a 65% interest in UK-headquartered Castrol from bp, which retains 35%. A new board will be chaired by former Shell chief executive Ben van Beurden.
Castrol has announced completion of Stonepeak’s majority acquisition. The new ownership structure includes bp’s retained minority interest and participation by CPP Investments as an indirect minority investor. The announcement says Stonepeak will work with Castrol’s existing leadership on operations and growth. Castrol supplies lubricants and thermal management fluids to automotive, commercial and industrial customers. Its new board combines independent directors with investor representatives. The release describes a completed transaction rather than a proposal awaiting completion.
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