BP PLC is in advanced talks to sell its Castrol lubrications business to Stonepeak Partners LP at a value of more than $8 billion, which would match BP’s current expectations, the Financial Times reported on Thursday.
New York-based investment firm has emerged as the leading contender to buy Castrol, the FT said citing ‘people familiar with the matter’. However, they said no deal has been finalised and talks could still fail, or other bidders could emerge.
The London-based oil major had put the division of its Downstream business up for sale back in February, as it aims to raise $20 billion from assets sales by 2027. However, initial bidders explored offers below $8 billion, the FT said, compared to analyst estimates of a value as high as $10 billion.
BP shares were down 1.9% to 456.06 pence in London early Friday. It has a market capitalisation of £70.29 billion.
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