Stonepeak and Canada Pension Plan Investment Board are set to acquire a majority stake in Castrol Group Holdings, from BP.

BP will retain a 35% minority stake and CPPIB will invest up to $1 billion, resulting in an indirect stake in Castrol. The transaction also triggers a mandatory open offer for public shareholders of Castrol India.

Khaitan & Co is advising Stonepeak and CPPIB on this acqusiition.

The core transaction team consisted of Shishir Vayttaden (Partner), Shashank Patil (Counsel), Surbhi Ajitsaria (Principal Associate), Suyashi Mishra (Senior Associate), Vritika Lakhwani (Senior Associate) and Anjana Raghunath (Associate) with strategic inputs from Arindam Ghosh (Partner). The following provided assistance:

Employment Law: Vinay Joy (Partner) and Srishti Ramkrishnan (Counsel)

Intellectual Property: Nirupam Lodha (Partner) and Janaksinh Jhala (Counsel)

Insolvency Law aspects: Manavendra Mishra (Partner)

Merger Control: Anshuman Sakle (Partner)

Direct Tax: Jimmy Bhatt (Partner)

Indirect Tax: Mayank Jain (Partner)

Environment Law: Vanita Bhargava (Partner)

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