Rand Merchant Bank (RMB) served as exclusive financial adviser to Helios Investment Partners on the completed sale of its 75% stake in Axxela Limited to BlueCore Gas InfraCo Limited.

The transaction also saw Sojitz Corporation exercise its tag-along rights to sell its 25% stake, resulting in full transfer of ownership to BlueCore, a strategic alliance including Afrigaz Energie LLP, Levene Energy Development Limited, emPERSAND Limited, and energy & LLP.

This deal is significant for multiple reasons: it accelerates gas-to-power development in Nigeria and West Africa, demonstrates strong investor confidence in the Nigerian energy sector, and sets a precedent for multi-stakeholder, cross-border private equity exits in the region.

RMB managed the transaction end-to-end, including strategic positioning, valuation, competitive process design, bidder outreach, diligence coordination, and final negotiations, attracting strong interest from strategic investors and infrastructure funds. The deal ranks among the largest African private equity transactions completed in 2025.

Commenting on the transaction, Chidi Iwuchukwu, Executive Director & Head of Investment Banking at RMB Nigeria, said:

“Axxela has become a pivotal platform in Nigeria’s gas value chain. This outcome reflects growing investor interest in energy transition infrastructure across West Africa. RMB is proud to have delivered high-calibre advisory for this landmark transaction.”

Siji Adesemowo, Team Lead, Energy Corporate Finance at RMB, added:

“The transaction underscores the strong appetite for quality energy infrastructure assets in Nigeria and the region. Axxela has achieved significant growth under Helios’ leadership, and we are confident BlueCore will continue to build on that foundation.”