On December 24, 2025, Stonepeak has agreed to acquire a majority controlling interest in Castrol, a global lubricants leader, from bp in a transaction valuing the business at approximately US$10.1 billion (C$14.5 billion). Canada Pension Plan Investment Board will invest up to US$1.05 billion (C$1.51 billion) for an indirect non-controlling stake in the company. bp will retain a 35% minority interest following the transaction. Castrol operates as one of the world's largest lubricants providers, serving consumer automotive, commercial, and industrial markets across 150 countries. The company manufactures and markets engine oils, industrial fluids, and greases through approximately 20 blending plants and over 100 third-party facilities globally. Bill Rogers, Managing Director and Head of Sustainable Energies at CPP Investments, noted that Castrol's position in the energy and industrial economy, combined with its innovations in emerging applications from electric vehicles to data centers, aligns with their strategy of backing essential energy system businesses. Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak, emphasized Castrol's 126-year heritage and leading market position. The transaction is expected to close by the end of 2026, subject to customary regulatory approvals.

Simpson Thacher & Bartlett LLP and DLA Piper served as legal counsel to Stonepeak, Paul, Weiss, Rifkind, Wharton & Garrison LLP served as financing counsel, UBS acted as financial advisor, and Khaitan & Co provided Indian law counsel.