British oil giant BP said Wednesday it has agreed to sell a majority stake in its Castrol lubricants business to US investment firm Stonepeak, as it seeks to cut debt.
The sale of BP’s 65 per cent stake will net it around $6 billion, the company said in a statement.
The deal, which values Castrol at $10.1 billion, is expected to be completed by the end of 2026.
Castrol will be owned by a…
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