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

BO 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 (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 transaction a new joint venture will be incorporated comprising a 65% Stonepeak and 35% BP ownership. Following a two-year lock-up period, BP has optionality to sell its 35% stake in Castrol. ():(https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-agrees-to-sell-a-65-per-cent-shareholding-in-castrol-to-stonepeak-at-an-enterprise-value-of-10-billion.html)