RMB Advises Helios on Sale of 75% Stake in Axxela to BlueCore

Rand Merchant Bank (RMB) has announced that it acted as the Exclusive Financial Adviser to Helios Investment Partners on the completed sale of its 75 per cent equity interest in Axxela Limited to BlueCore Gas InfraCo Limited.

In a statement issued on Sunday, RMB, a division of FirstRand Bank Limited, disclosed that Sojitz Corporation also exercised its tag-along rights as part of the transaction, selling its remaining 25 per cent stake in Axxela. This resulted in the full transfer of ownership of the gas infrastructure company to BlueCore.

Earlier in January, Helios Investment Partners had announced that its stake in Axxela, held through Glover Gas & Power B.V., was sold to BlueCore. BlueCore Gas InfraCo Limited is a strategic alliance comprising Afrigaz Energie LLP, a portfolio company of the Stanbic IBTC Infrastructure Growth Fund, alongside Levene Energy Development Limited, emPERSAND Limited, and Energy & Industrial Assets LLP.

The transaction has been described as transformative, as it is expected to accelerate gas-to-power development across Nigeria and the wider West African region. It also signals strong investor confidence in Nigeria’s energy sector and sets a new benchmark for cross-border private equity exits in the country’s energy landscape.

RMB stated that it provided end-to-end transaction management, including strategic positioning, valuation, competitive process design, bidder outreach, due diligence coordination, and final negotiations. The bank noted that the deal attracted significant interest from strategic investors and infrastructure funds and ranks among the largest African private equity transactions completed in 2025.

Commenting on the deal, Executive Director and Head of Investment Banking at Rand Merchant Bank Nigeria Limited, Chidi Iwuchukwu, said the successful transaction highlights Axxela’s importance in Nigeria’s gas value chain and reflects growing investor interest in energy transition infrastructure across West Africa.

Also speaking, Siji Adesemowo, Team Lead for Energy Corporate Finance at RMB, said the transaction affirms strong appetite for quality energy infrastructure assets and expressed confidence that BlueCore would build on the progress made under Helios’ leadership.