Helios Investment Partners has completed the sale of its 75% equity interest in Axxela Limited to BlueCore Gas InfraCo Limited, a consortium of Nigerian and international energy players.
This is according to a statement released by Helios confirming the conclusion of the transaction after all regulatory and contractual conditions were met.
The deal also saw Sojitz Corporation, which held the remaining 25%, exercise its tag-along rights to exit alongside Helios—marking a full ownership transition to BlueCore.
The transaction brings to a close Helios’ near-decade-long involvement in Axxela, which began with its 2016 acquisition of a majority stake from Oando Plc for $45 million.
Under Helios, Axxela has grown into a major gas and power distributor in Nigeria, with infrastructure connecting industrial and commercial customers across Lagos and Ogun states, and extending its influence regionally.
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.
Rand Merchant Bank acted as exclusive financial advisor to Helios, with Latham & Watkins and Banwo & Ighodalo providing legal counsel. BlueCore was advised by DLA Piper Africa and Asafo & Co.
This sale marks one of the most significant private equity exits in Nigeria’s energy space and reflects the growing investor interest in gas infrastructure as a strategic play in Africa’s energy transition.
Axxela’s track record of building pipeline networks and delivering gas to over 180 industrial and commercial clients gives BlueCore a strong platform to scale and deepen regional reach.
For Helios, the exit provides a notable close to its involvement in Axxela, showcasing a successful turnaround and value creation story.