DLA Piper advises Stonepeak on completed acquisition of majority controlling interest in Castrol from bp

DLA Piper has advised Stonepeak on the successful acquisition of a majority controlling interest in Castrol, from BP p.l.c. (“bp”).

Stonepeak, a leading alternative investment firm specialising in infrastructure, announced on 2 November 2026 that it has completed the acquisition of a 65% stake in Castrol, a global leader in lubricants, from bp. bp will retain a 35% minority interest in Castrol. Canada Pension Plan Investment Board (“CPP Investments”) will also invest in support of the transaction as an indirect minority holder.

With Stonepeak’s backing and continued support from bp, Castrol will build on its position as one of the world’s largest providers of mission-critical lubricants and thermal management fluids to consumer automotive, commercial, and industrial end markets. The new ownership structure gives Castrol greater financial and operational flexibility, allowing the business to accelerate growth across its existing footprint and into adjacent markets, backed by the brand’s technology, customer relationships, and global reach.

Castrol is one of the world’s leading lubricant brands, serving customers and consumers in the automotive, marine, industrial and energy sectors. Castrol brands are recognized globally for their premium quality and high performance, shaped by the company’s commitment to innovation and cutting-edge technology. With products sold in more than 150 countries, Castrol has helped keep things moving on roads and racetracks, air, sea, and space for over 127 years. Castrol is headquartered in the UK and has more than 6,000 employees around the world.

The DLA Piper team which advised Stonepeak across 20 jurisdictions includes Tracey Renshaw, Paul Doris, Steven Bryan, Rob Salter and Sarah Riley (Corporate), Jo Owen (Real Estate), Clare Gregory, Tamara Calvert and Nick Hipwell (Employment, Pensions and Incentives), Satnam Sahota (IPT), Ross McKean (Data Protection), Nick Rock (Environment, Health and Safety (EHS)), Iain Elder (Finance and Projects) and James Carter (Litigation & Regulatory).

Jo Owen and Rob Salter, DLA Piper’s Client Relationship Partners for Stonepeak, commented: “DLA Piper is delighted to have supported Stonepeak on this landmark transaction which places Stonepeak at the heart of global mobility infrastructure. We very much value the trust which Stonepeak has placed in our global team.”

Tracey Renshaw, Corporate and Energy M&A partner, added: “Our global team of M&A and sector specialists has worked alongside the Stonepeak team and its other advisers over the past year to deliver this landmark transaction and is looking forward to following the next phase of growth of this iconic global brand.”