Dec. 24 at 3:05 PM
$BP sells 65% of its lubricant Castrol business to Stonepeak for
$10B
The implied total equity value of Castrol is
$8B after deducting JV minority interests totalling
$1.8B & other debt-like obligations
Total net proceeds to BP of
$6B, including accelerated dividend payments, will be fully utilised to reduce net debt
BP has the option to sell its remaining 35% stake in Castrol after a 2-year lock-up period.
BP CEO “With this, we have now completed or announced over half of our targeted
$20B divestment programme, w/ proceeds to significantly strengthen bp’s balance sheet”
“The sale marks an important milestone in the ongoing delivery of our reset strategy. We are reducing complexity, focusing the downstream on our leading integrated businesses, and accelerating delivery of our plan.”
