Stonepeak has completed its acquisition of a 65% stake in Castrol from BP and appointed former Shell chief executive Ben van Beurden as chairman of the lubricants business, according to a report by Reuters.
BP will retain a 35% interest through a new joint venture with Stonepeak. The oil major said it would use $6bn in after-tax proceeds to reduce debt and strengthen its finances, having agreed the stake sale last year.
CPP Investments is participating as an indirect minority investor and will hold one board seat. Castrol’s new board will also comprise four independent directors, including van Beurden, three Stonepeak representatives and two BP representatives.
