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  • MLS and International Forward Justin Rennicks Signs with New Mexico United

    New Mexico United announces the signing of striker Justin Rennicks, pending league and federation approval. 

    “I am excited to welcome Justin to our United family,” said New Mexico United’s Sporting Director Itamar Keinan. “He brings…

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  • bp agrees to sell a 65% shareholding in Castrol to Stonepeak at an enterprise value of $10 billion | News and insights

    bp agrees to sell a 65% shareholding in Castrol to Stonepeak at an enterprise value of $10 billion | News and insights

    Following a comprehensive strategic review of Castrol, bp has reached an agreement to sell a 65% shareholding in Castrol to Stonepeak, at an enterprise value of $10.1 billion. This represents an implied EV / LTM EBITDA of around 8.6x reflecting the strength of the business and future growth potential. The transaction represents a significant milestone in bp’s commitment to accelerate its strategy, including simplifying the portfolio, strengthening the balance sheet, and focusing the downstream on its leading integrated businesses.

    The transaction is expected to result in total net proceeds to bp of approximately $6.0 billion, which includes around $0.8 billion for the pre-payment of future dividend income over the short to medium term on bp’s retained 35% stake and other adjustments. The implied total equity value of Castrol is $8.0 billion after deducting JV minority interests totaling $1.8 billion, and other debt-like obligations of around $0.3 billion, and subject to customary adjustments. A significant proportion of Castrol JV minority interests relate to the shareholding in the publicly listed Castrol India Limited. 

    Upon completion of the transaction a new joint venture will be incorporated comprising a 65% Stonepeak and 35% bp ownership. bp’s retained stake provides exposure to Castrol’s growth plan over the coming years, which builds on a strong track record of nine quarters of consecutive year on year earnings growth. Following a two-year lock-up period, bp has optionality to sell its 35% stake in Castrol. 

     

    “Today’s announcement is a very good outcome for all stakeholders. We concluded a thorough strategic review of Castrol, that generated extensive interest and resulted in the sale of a majority interest to Stonepeak. And with this, we have now completed or announced over half of our targeted $20bn divestment programme, with proceeds to significantly strengthen bp’s balance sheet. The sale marks an important milestone in the ongoing delivery of our reset strategy. We are reducing complexity, focusing the downstream on our leading integrated businesses, and accelerating delivery of our plan. And we are doing so with increasing intensity – with a continued focus on growing cash flow and returns, and delivering value for our shareholders”

     

    Carol Howle, interim CEO

     

    The transaction is expected to complete by end of 2026, subject to regulatory approvals. 

    Carol Howle, interim CEO at bp, said: “Today’s announcement is a very good outcome for all stakeholders. We concluded a thorough strategic review of Castrol, that generated extensive interest and resulted in the sale of a majority interest to Stonepeak. The transaction allows us to realise value for our shareholders, generating significant proceeds while continuing to benefit from Castrol’s strong growth momentum. And with this, we have now completed or announced over half of our targeted $20bn divestment programme, with proceeds to significantly strengthen bp’s balance sheet. The sale marks an important milestone in the ongoing delivery of our reset strategy. We are reducing complexity, focusing the downstream on our leading integrated businesses, and accelerating delivery of our plan. And we are doing so with increasing intensity – with a continued focus on growing cash flow and returns, and delivering value for our shareholders.”

    Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak, said: “Lubricants are a mission-critical product, which are essential to the safe and efficient functioning of virtually every vehicle, machine, and industrial process in the world. Castrol’s 126-year heritage has created a leading market position, an iconic brand, and a portfolio of differentiated products that deliver meaningful value to its customers. We are excited to work alongside Castrol’s talented employees, coupled with bp’s continued guidance as a minority interest holder, as we support the business’s continued growth.”

    The sale is part of bp’s previously announced $20 billion divestment programme and brings completed and announced divestment proceeds to date to around $11.0 billion. All proceeds from this transaction will be allocated to reducing net debt towards bp’s target of $14-18 billion by end 2027. As of the end of 3Q 2025 bp’s net debt was $26.1 billion. Divestment proceeds guidance for 2025 is over $4 billion, of which $1.7 billion has been received as at 3Q25 results, with the remainder expected to be received by year-end 2025.

     

    bp remains committed to driving the highest value for its shareholders, and will continue to:

    • seek opportunities to high-grade its portfolio and reduce complexity;
    • strengthen its balance sheet and optimise its cost base; and
    • invest with discipline with a focus on maximising cash flow and returns.

    In doing so, bp is accelerating its strategy to become a simpler, leaner, and more profitable company.

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  • Achakzai, Senator Nasir Abbas given mandate for talks, protest, says K-P CM

    Achakzai, Senator Nasir Abbas given mandate for talks, protest, says K-P CM

    Khyber-Pakhtunkhwa Chief Minister Muhammad Sohail Afridi addresses a public jirga in Tehsil Bara. SCREENGRAB

    Khyber-Pakhtunkhwa Chief Minister Sohail…

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  • Remnant cholesterol inflammatory index for Predicting Heart Failure Ri

    Remnant cholesterol inflammatory index for Predicting Heart Failure Ri

    Background

    Coronary artery disease (CAD) and type 2 diabetes mellitus (T2DM) are major global public health concerns, often coexisting and synergistically increasing the risk of adverse cardiovascular events and mortality.1–4 Epidemiological…

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  • Catching On – Football — Georgia Tech Yellow Jackets

    Catching On – Football — Georgia Tech Yellow Jackets

    Closing Shot: After an emotional 2024 season, tight end Brett Seither will aim for an unforgettable end to his Georgia Tech career in front of family and friends at the 2025 Pop-Tarts Bowl in Orlando

    Inside The Chart | By Andy Demetra (The…

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