Helios Investment Partners has completed the sale of its 75% stake in Axxela Limited to BlueCore Gas InfraCo Limited, marking one of Nigeria’s most significant private equity exits in the energy sector.
The transaction was confirmed in a statement by Helios after all regulatory and contractual conditions were met. The deal also triggered a full ownership transfer, as Japan’s Sojitz Corporation exercised its tag-along rights to sell its remaining 25% stake.
The exit ends Helios’ near-decade involvement in Axxela, which began with the acquisition of a majority stake from Oando Plc in 2016 for $45 million.
Under Helios’ ownership, Axxela expanded into a leading gas and power distributor, building infrastructure that supplies industrial and commercial customers across Lagos and Ogun states, with growing regional reach.
“We are proud of what Axxela has achieved under our ownership,” said Nitin Kaul, Partner at Helios. “BlueCore is the right partner to support the company’s ambitions.”
Axxela operates Nigeria’s first privately owned gas pipeline network and serves more than 180 industrial and commercial clients. The company is licensed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority as a gas shipping and distribution firm.
Gas infrastructure investment gains momentum
BlueCore’s Director, Dolu Olugbenjo, described Axxela as a “high-quality asset with strong fundamentals,” adding that the new owners plan to support expansion and advance the region’s energy transition.
The acquisition places BlueCore at the center of Nigeria’s midstream gas infrastructure push, seen as key to closing energy supply gaps and reducing reliance on diesel.
BlueCore is backed by Afrigaz Energie LLP, Levene Energy Development Limited, emPERSAND Limited, and Energy & LLP. Afrigaz is a portfolio company of Stanbic IBTC Infrastructure Fund.
The consortium recently secured $285 million in energy transition financing, arranged by Rand Merchant Bank, underscoring rising investor interest in gas as a transition fuel.
Infrastructure private equity attracts long-term capital
Axxela CEO Timothy Ononiwu said the transaction validates the value built under Helios’ ownership and expressed optimism about the company’s future under BlueCore.
Rand Merchant Bank acted as exclusive financial adviser to Helios, while Latham & Watkins and Banwo & Ighodalo served as legal counsel. BlueCore was advised by DLA Piper Africa and Asafo & Co.
The deal reflects a broader trend of infrastructure private equity targeting energy assets aligned with long-term sustainability goals in Africa.
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