BP to Sell Majority Stake in Castrol Business for $6 Billion

BP Plc agreed to sell a majority stake in its Castrol lubricants division to US investment firm Stonepeak Partners, marking a key milestone as the oil and gas major seeks to reduce debt and reset its business.

The UK energy giant will raise about $6 billion from the sale of a 65% interest, which includes some prepayment of future dividends on its remaining stake. While the price falls short of earlier expectations, it’s a notable move by new Chairman Albert Manifold, who’s already made his mark by replacing the CEO.