Helios Investment exits Axxela, sells 75% stake to international consortium
Helios Investment exits Axxela, sells 75% stake to international consortium
Helios Investment Partners, a private investment firm, says it has completed the sale of its 75 percent equity stake in Axxela Limited, an African gas and power company, to BlueCore Gas InfraCo Limited, a consortium of Nigerian and international energy players. BlueCore is backed by a strategic alliance comprising Afrigaz Energie LLP (a portfolio company of Stanbic IBTC Infrastructure Fund), Levene Energy Development Limited, emPERSAND Limited, and Energy & LLP. In a recent statement by Helios Investment, the company said the equity interest is held through Glover Gas & Power BV. As part of the transaction, Sojitz Corporation, the holder of the remaining 25 percent stake, exercised its tag-along rights to exit alongside Helios — marking the complete transfer of ownership to BlueCore. The company said the transaction has now reached completion “following the satisfaction of all customary regulatory and contractual conditions”. Commenting on the transaction, Nitin Kaul, partner at Helios, said the company was proud of what Axxela has achieved under its ownership. “Together with the management team, we have built a resilient platform well-positioned for long-term growth,” he said. “Bluecore is the right partner to support the Company’s ambitions, and we remain confident Axxela will continue to play a critical role in advancing energy infrastructure in its core Nigerian market and beyond.” Dolu Olugbenjo, director at BlueCore, also said “we look forward to working closely with the Company to enhance its operational footprint, support ongoing growth, and contribute to the broader energy transition across the region”. On his part, Timothy Ononiwu, group chief executive officer (CEO) of Axxela, said the acquisition marks an important milestone in the company’s journey. “The success of the transaction is a strong validation of the value and impact that the shareholders found in the Axxela business,” he said. “Under the Helios partnership, we have strengthened our operational foundation and achieved significant growth. As we move forward with BlueCore, we are excited about the opportunities ahead.” According to the statement, Rand Merchant Bank (RMB), a division of FirstRand Bank Limited, acted as exclusive financial advisor to Helios, with Latham & Watkins and Banwo & Ighodalo serving as legal counsel. The company added that DLA Piper Africa and Asafo & Co. served as legal counsel to Bluecore. In 2019, Helios Investment Partners acquired Axxela Limited, which operates a privately-owned gas pipeline network in Nigeria. On January 1, BlueCore secured $285 million in financing to support gas infrastructure projects in Nigeria. Source:
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Helios Investment Partners, a private investment firm, says it has completed the sale of its 75 percent equity stake in Axxela Limited, an African gas and power company, to BlueCore Gas InfraCo Limited, a consortium of Nigerian and international energy players. BlueCore is backed by a strategic alliance comprising Afrigaz Energie LLP (a portfolio company of Stanbic IBTC Infrastructure Fund), Levene Energy Development Limited, emPERSAND Limited, and Energy & LLP. In a recent statement by Helios Investment, the company said the equity interest is held through Glover Gas & Power BV. As part of the transaction, Sojitz Corporation, the holder of the remaining 25 percent stake, exercised its tag-along rights to exit alongside Helios — marking the complete transfer of ownership to BlueCore. The company said the transaction has now reached completion “following the satisfaction of all customary regulatory and contractual conditions”. Commenting on the transaction, Nitin Kaul, partner at Helios, said the company was proud of what Axxela has achieved under its ownership. “Together with the management team, we have built a resilient platform well-positioned for long-term growth,” he said. “Bluecore is the right partner to support the Company’s ambitions, and we remain confident Axxela will continue to play a critical role in advancing energy infrastructure in its core Nigerian market and beyond.” Dolu Olugbenjo, director at BlueCore, also said “we look forward to working closely with the Company to enhance its operational footprint, support ongoing growth, and contribute to the broader energy transition across the region”. On his part, Timothy Ononiwu, group chief executive officer (CEO) of Axxela, said the acquisition marks an important milestone in the company’s journey. “The success of the transaction is a strong validation of the value and impact that the shareholders found in the Axxela business,” he said. “Under the Helios partnership, we have strengthened our operational foundation and achieved significant growth. As we move forward with BlueCore, we are excited about the opportunities ahead.” According to the statement, Rand Merchant Bank (RMB), a division of FirstRand Bank Limited, acted as exclusive financial advisor to Helios, with Latham & Watkins and Banwo & Ighodalo serving as legal counsel. The company added that DLA Piper Africa and Asafo & Co. served as legal counsel to Bluecore. In 2019, Helios Investment Partners acquired Axxela Limited, which operates a privately-owned gas pipeline network in Nigeria. On January 1, BlueCore secured $285 million in financing to support gas infrastructure projects in Nigeria. Source:
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