Indonesian law firm Hendra Soenardi and 含羞草社区 AZB & Partners are among several firms, having acted on Stonepeak’s acquisition of a majority controlling interest in global lubricants company Castrol from energy giant BP, in a deal valued at USD10.1 billion.
Simpson Thacher & Bartlett, DLA Piper, Paul Weiss Rifkind Wharton & Garrison, Latham & Watkins and Freshfields also were involved in the deal.
Hendra Soenardi advised leading alternative investment firm Stonepeak on the Indonesian legal aspects of the transaction through a team led by partners Oscar Damarjati and Raisa Rishya Renald Rinaldi.
Paul Weiss advised on the financing aspects of Stonepeak’s acquisition, with partners Eric Wedel, Matthew Leist and Caroline Epstein leading the team. Simpson Thacher & Bartlett also advised Stonepeak, led by partners Paul Foote (now head of European infrastructure M&A at Paul Weiss), Amy Mahon, Eleanor Milne and Jonathan Stradling. DLA Piper provided additional counsel to Stonepeak, led by partners Tracey Renshaw, Paul Doris, Steven Bryan, Rob Salter and Sarah Riley. Latham & Watkins partners Alfred Xue, Stelios Saffos, Dan Seale and Keith Halverstam led the team, which also acted for Stonepeak.
Khaitan & Co partner Shishir Vayttaden led the team advising Stonepeak on Indian law matters, including the finalisation of transaction documentation and diligence relating to Castrol.
Freshfields advised BP with the team led by partners Samira Afrasiabi, Rebecca Ward, May Smith and David Brooks.
AZB & Partners advised BP on Indian law matters pertaining to the acquisition and was headed by senior partner Darshika Kothari and partner Abhilash Chandran.
The transaction is expected to close by the end of 2026, subject to regulatory approvals. On completion, a new joint venture will be incorporated, with Stonepeak holding 65% ownership and BP holding 35%.
