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London. BP agreed to sell a 65% stake in its Castrol lubricants business to Stonepeak Partners at an enterprise value of $10.1 billion, generating around $6 billion in net proceeds to slash net debt.

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Following a strategic review, bp has agreed to sell a 65 per cent stake in Castrol to Stonepeak for an enterprise value of $10.1 billion, reflecting an EV/LTM EBITDA of 8.6x and highlighting the ...