Stonepeak completes Castrol acquisition and appoints van Beurden as chair
Monday, November 2, 2026 · first reported by Private Equity Wire and 2 others
Stonepeak has closed its purchase of a 65% holding in Castrol from BP, and Ben van Beurden, formerly chief executive of Shell, becomes chairman of the lubricants business. BP keeps 35% through a new joint venture with Stonepeak. The stake sale was agreed last year, and BP said it will put $6bn of after-tax proceeds toward cutting debt and strengthening its finances.
CPP Investments takes part as an indirect minority investor with one board seat. Castrol's board will also have four independent directors, among them van Beurden, plus three Stonepeak representatives and two from BP.
- Firm
- Stonepeak
- Also named
- BP, Castrol, CPP Investments
- Deal value
- $6B
- People
- Ben van Beurden
- Asset class
- Private equity, Infrastructure
- Geography
- Global
Advisers Simpson Thacher & Bartlett (legal counsel), DLA Piper (legal counsel), UBS (financial adviser)
The summary and fields above are extracted from the published reports and can contain errors. The linked articles are the source of record.
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