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European Commission Approves Stonepeak Purchase of Castrol

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The European Commission approved Stonepeak's acquisition of UK-based Castrol after determining the deal would not create competition concerns, according to a statement on Tuesday.

Investment funds advised or managed by affiliates of US-based Stonepeak Partners will acquire sole control of Castrol Group Holdings under the transaction, according to the Commission.

Castrol's business primarily focuses on developing, manufacturing and selling lubricants, greases, coolants and other related fluid products, the Commission said.

The regulator concluded that the companies' limited market positions would prevent the deal from harming competition and reviewed the transaction under its simplified merger procedure.

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