BP Castrol K.K. (TSE: 5015) has new parents. BP p.l.c. sold 65% of its Castrol business to the investment firm Stonepeak, and the sale was carried out on October 30, 2026, UK time, according to the company's extraordinary report. That ends BP p.l.c.'s status as parent of the Tokyo-listed unit.
Who sits above the unit now
The buyer is a joint venture, Motion JVCo Limited. Stonepeak Motion Holdco Limited owns 65% of it and BP Motion Holdings Limited, a BP-formed vehicle, owns 35%. The venture now holds all the shares of a Castrol group holding company that sits above the Japanese unit. BP p.l.c. keeps an indirect 35% of the venture but no longer counts as BP Castrol's parent. Motion JVCo and Stonepeak Motion Holdco are the new parents.
Three percentages, three denominators
The 65% is the global sale. The Japanese stake is a separate matter: BP p.l.c. held 14,895,900 BP Castrol shares indirectly as of June 30, 2026, or 64.8% of shares and 64.9% of voting rights. The voting figure rests on 229,359 votes, and both new parents now report 148,959 indirect votes, or 64.9%. The report describes a change in the parent chain above the same Castrol entities, not a tender offer for minority holders.
Brand licence and impact
BP Castrol K.K. licenses the bp trademark from BP p.l.c., and that licence ends with the sale. A Castrol group company that holds sublicensing rights will sublicense the mark instead. BP Castrol amended its existing Castrol licence in September 2026 to allow this, and it plans to keep selling bp-branded products. The company says it sees no material effect on operations or results and will disclose anything further promptly.
The company expects Motion JVCo to be the disclosed unlisted parent. Castrol's group holding company and Castrol Limited remain unlisted parents as well. The notice gives no deal price.