- Rand Merchant Bank acted asExclusive Financial Adviserto Helios Investment Partners on the sale of its 75% stake in Axxela Limited to BlueCore Gas InfraCo Limited, with Sojitz Corporation also selling its 25% stake, resulting in full ownership transfer to BlueCore.
- The transaction, one of Africa’s largest private equity deals in 2025, accelerates gas-to-power development in Nigeria and West Africa, signaling strong investor confidence in energy transition infrastructure.
- RMB provided end-to-end advisory, including valuation, competitive process design, and negotiations, reinforcing its leadership in complex, cross-border transactions and commitment to advancing strategic energy investments.
Rand Merchant Bank (“RMB”), a division of FirstRand Bank Limited, is pleased to announce that it acted as Exclusive Financial Adviser to Helios Investment Partners (“Helios”) on the completed sale of its 75% equity interest in Axxela Limited (“Axxela”) to BlueCore Gas InfraCo Limited (“BlueCore”).
As part of the transaction, Sojitz Corporation exercised its tagalong rights to sell its 25% stake, resulting in a full transfer of ownership to BlueCore. BlueCore is a strategic alliance of Afrigaz Energie LLP (a portfolio company of Stanbic IBTC Infrastructure Growth Fund), Levene Energy Development Limited, emPERSAND Limited, and energy& LLP.
This landmark transaction is transformative on many fronts; it accelerates gas-to-power development across Nigeria and the broader West African region, signals deep investor confidence in the Nigerian energy sector and sets a precedent for multistakeholder, crossborder, private equity exits in the country’s energy landscape.
RMB provided end‑to‑end transaction management, from strategic positioning and valuation work to competitive process design, bidder outreach, diligence coordination, and final negotiations.
The process attracted significant interest from strategic investors and infrastructure funds alike and ranks among the largest African private equity transactions completed in 2025.
Speaking on the successful completion of the transaction, Chidi Iwuchukwu, Executive Director & Head of Investment Banking at Rand Merchant Bank Nigeria Limited, commented:
“We are proud to have advised Helios on this landmark transaction. Axxela has become a pivotal platform in Nigeria’s gas value chain, and this outcome underscores the growing depth of investor interest in energy transition infrastructure across West Africa. Our role reflects RMB’s commitment to delivering high‑calibre advisory across complex, cross‑border transactions.”
Siji Adesemowo, Team Lead, Energy Corporate Finance at Rand Merchant Bank, added:
“We continue to observe strong appetite for high-quality energy infrastructure assets across Nigeria and the broader region. This transaction both affirms that trend and establishes a significant benchmark for the sector. Axxela has made significant strides under Helios’ leadership. I have no doubt, BlueCore will build on this foundation and take the company to even greater heights.”
RMB is proud to have partnered with Helios on this transaction and to have supported a successful outcome.
About RMB:
RMB Nigeria Limited, a member of the FirstRand Group, is a leading African Corporate and Investment Bank. RMB Nigeria provides clients with innovative, value‑added solutions across advisory, funding, trading, corporate banking, and principal investing. For more information, please visit www.rmb.com.ng.
