Rand Merchant Bank Axxela sale sees Helios exit the gas firm as BlueCore Gas InfraCo completes full acquisition in a landmark energy deal

Rand Merchant Bank, a division of FirstRand Bank Limited, on Sunday in Lagos, Nigeria, announced that it acted as exclusive financial adviser to Helios Investment Partners on the completed sale of its 75 per cent equity stake in Axxela Limited to BlueCore Gas InfraCo Limited.

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The Rand Merchant Bank Axxela sale also included the exit of Japanese trading house Sojitz Corporation, which exercised its tag along rights to dispose of its remaining 25 per cent interest, resulting in BlueCore assuming full ownership of the gas infrastructure company.

Helios Investment Partners disclosed earlier in January that the stake, held through Glover Gas and Power B.V., had been sold to BlueCore, a strategic consortium comprising Afrigaz Energie LLP, Levene Energy Development Limited, emPERSAND Limited, and Energy and Infrastructure LLP.

Industry analysts described the transaction as transformative, citing its potential to accelerate gas to power development across Nigeria and the wider West African region while reinforcing investor confidence in the country’s energy sector.

Rand Merchant Bank said it provided end to end advisory services on the transaction, including strategic positioning, valuation, competitive process design, bidder engagement, due diligence coordination and final negotiations.

The bank noted that the deal attracted strong interest from strategic investors and infrastructure funds and ranked among the largest private equity transactions completed in Africa in 2025.

Chidi Iwuchukwu, Executive Director and Head of Investment Banking at Rand Merchant Bank Nigeria Limited, said the completion of the deal underscored the growing appeal of energy transition infrastructure in West Africa.

“We are proud to have advised Helios on this landmark transaction,” Chidi Iwuchukwu said.

“Axxela has become a pivotal platform in Nigeria’s gas value chain, and this outcome reflects the depth of investor appetite for high quality infrastructure assets.”

Siji Adesemowo, Team Lead for Energy Corporate Finance at Rand Merchant Bank, said the transaction established a powerful benchmark for future deals in the sector.

“Axxela has made significant strides under Helios’ leadership,” Siji Adesemowo said.

“BlueCore is well positioned to build on this foundation and take the company to even greater heights.”