BP p.l.c. Sponsored ADR (BP.US) is in deep negotiations to sell its Gassetti business to Stonepeak for $8 billion.

Stonepeak, the American infrastructure investment company, has become the main competitor in acquiring BP p.l.c. Sponsored ADR's (BP.US) Castrol lubricants business, as the two parties are in deep negotiations over a bid for the business valued at over $8 billion. It is reported that BP p.l.c. Sponsored ADR put Castrol up for sale in February of this year, with analysts predicting a sale price exceeding $10 billion. This would help BP p.l.c. Sponsored ADR to achieve half of its goal of raising $20 billion through asset sales by 2027, but initial bidders backed out due to the price. A deal valuing the business at over $8 billion is in line with BP p.l.c. Sponsored ADR's current expectations. Stonepeak may seek a similar structure as their recent acquisition of a majority stake in Phillips 66 subsidiary in this deal, where Phillips 66 retained a 35% minority stake. BP p.l.c. Sponsored ADR is also currently looking for a buyer for a half stake in its LightsourceCECEP Solar Energy business, stating that they expect to raise $4 billion through asset disposals this year.