BP sells 65% shareholding in Castrol to Stonepeak for $6B

BP (BP) said it has reached an agreement to sell a 65% shareholding in Castrol to Stonepeak, at an enterprise value of $10.1B. The transaction is expected to result in total net proceeds to BP of $6B, which includes $800M for the pre-payment of future dividend income over the short to medium term on BP’s retained 35% stake. The implied total equity value of Castrol is $8B after deducting joint venture minority interests totaling $1.8B and other debt-like obligations of $300M. Upon completion of the transac ...