BP has officially completed the sale of a 65% majority stake in its lubricants business, Castrol, to the US investment firm Stonepeak. The transaction provides the energy giant with a net proceeds boost of 6 billion US dollars, equivalent to approximately 4.4 billion pounds, which will be directed toward strengthening its balance sheet and paying down debts. According to recent financial updates, BP's net debt stood at 13.9 billion dollars at the end of September. Following the completion of the deal, New York-based Stonepeak appointed former Shell chief executive Ben van Beurden as the chairman of Castrol’s board. BP will retain the remaining 35% stake in the newly established joint venture. Headquartered in the UK, Castrol employs over 6,000 people globally and supplies advanced lubricants for motorists, commercial transport, and industrial sectors like manufacturing. BP chief executive Meg O'Neill stated that the agreement brings substantial cash proceeds while maintaining a valuable interest in Castrol's future expansion, granting the brand greater independence. Castrol CEO Michelle Jou emphasized that the company enters its next chapter from a position of strength. The divestment aligns with BP's ongoing strategy to simplify operations, reduce costs, and deleverage its balance sheet. Source: The Standard #BP #Castrol #BusinessNews #Energy #Finance #Stonepeak
También lo cubren: Belfast Telegraph, The Standard (Reino Unido).
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