Oil and gas major bp has struck a deal to sell its minority stakes in more than 10 technology start-ups to European private equity firm Verdane, marking a major step in the company’s efforts to streamline its business.
The divestment includes the bulk of BP Ventures’ minority holdings across a range of energy-related and digital technologies.
Alongside the sale, bp has proposed closing its dedicated venturing arm entirely, subject to local consultation, as it refocuses on its core oil and gas operations.
The company did not disclose the financial details of the transaction, which is scheduled to wrap up by the second quarter of 2027.
However, the move strongly aligns with BP’s broader, ongoing strategy under CEO Meg O’Neill to simplify its global portfolio, enforce disciplined capital allocation, and execute a US$20 billion asset sale plan to trim net debt.
While the majority of the portfolio is being transferred, bp is not exiting early-stage tech entirely. The energy giant confirmed it will retain minority stakes in a select, small number of businesses where the underlying technology holds direct, strategic value for its core operations.
Verdane, a specialist growth buyout firm with a strong track record in backing digitalisation and decarbonisation initiatives, will take over active management of the divested portfolio.
The acquisition reflects Verdane’s continued focus on investing in companies that contribute to the digitalisation of the global economy.
The firm plans to work closely with the management teams of the acquired companies, offering dedicated support in finance, data, and go-to-market strategies to scale their operations.
Melanie Campbell, Principal at Verdane, expressed confidence in the acquisition.
“We’re looking forward to working closely with the management teams of these companies as they continue to digitalise and decarbonise the global economy,” Campbell said.
The deal is subject to customary regulatory and contractual approvals.
