Rand Merchant Bank (RMB) has disclosed that it acted as exclusive financial adviser to Helios Investment Partners on the completed divestment of Helios’ controlling stake in Axxela Limited to BlueCore Gas InfraCo Limited.
In a statement released on Sunday, RMB an investment banking subsidiary of FirstRand Bank Limited said Helios sold its 75 per cent equity holding in Axxela as part of the transaction. The bank further noted that Sojitz Corporation, which owned the remaining 25 per cent interest, exercised its tag-along rights, enabling a full transfer of Axxela’s ownership to BlueCore.
Helios Investment Partners had earlier announced in January that its stake in Axxela, held through Glover Gas & Power B.V., was being sold to BlueCore. BlueCore Gas InfraCo is a strategic consortium made up of Afrigaz Energie LLP, a portfolio company of the Stanbic IBTC Infrastructure Growth Fund, alongside Levene Energy Development Limited, emPERSAND Limited, and Energy & LLP.
The deal has been characterised as a landmark development for Nigeria’s energy industry and the wider West African market. It is expected to fast-track gas-to-power initiatives, strengthen regional energy infrastructure, and reinforce the role of natural gas as a key transition fuel. Analysts say the transaction also highlights growing investor confidence in Nigeria’s energy sector while establishing a strong example of successful, multi-party, cross-border private equity exits in the country.
RMB explained that it provided full-scope advisory services throughout the transaction process. Its responsibilities covered strategic positioning, valuation analysis, structuring and execution of a competitive sale process, engagement with prospective bidders, coordination of due diligence, and support during final negotiations. According to the bank, the transaction generated substantial interest from strategic buyers and infrastructure-focused investors, reflecting increasing appetite for scalable and resilient energy assets. RMB added that the deal ranks among the largest private equity transactions concluded in Africa in 2025.
Reacting to the successful completion of the sale, Executive Director and Head of Investment Banking at Rand Merchant Bank Nigeria Limited, Chidi Iwuchukwu, described the transaction as a major milestone. He said Axxela has grown into a critical component of Nigeria’s gas value chain and noted that the outcome underscores the rising depth of investor interest in energy transition infrastructure across West Africa. Iwuchukwu added that RMB’s involvement demonstrates the bank’s ability to deliver high-quality advisory services on complex and cross-border transactions.
Also commenting, Team Lead for Energy Corporate Finance at Rand Merchant Bank, Siji Adesemowo, said the transaction reflects sustained demand for high-quality energy infrastructure assets in Nigeria and the broader region. He noted that the deal sets an important benchmark for the sector and acknowledged the progress Axxela achieved under Helios’ ownership. Adesemowo expressed confidence that BlueCore would leverage this strong foundation to drive further growth and expansion for the company.
The acquisition signals a new chapter for Axxela as it transitions to new ownership under BlueCore. Industry stakeholders believe the transaction will support increased investment in gas infrastructure, deepen private sector participation, and contribute meaningfully to Nigeria’s energy transition objectives and long-term economic development across West Africa.
