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Helios Investment Partners has completed the sale of its 75% stake in Axxela, the Nigerian natural gas distribution infrastructure company, to BlueCore.
Alongside the transaction, Sojitz Corporation, the Tokyo-listed conglomerate, exercised its tag-along rights to sell its 25% interest in the company.
BlueCore is a strategic alliance formed to accelerate gas and power development across Nigeria and the wider west African region. The consortium comprises Afrigaz Energie (a portfolio company of the Stanbic IBTC Infrastructure Growth Fund), Levene Energy Development, emPERSAND, and energy&.
Commenting on the transaction, Nitin Kaul, partner at Helios, said, “We are proud of what Axxela has achieved under our ownership. Together with the management team, we have built a resilient platform well-positioned for long-term growth. 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.”
“We are delighted to complete this acquisition,” said Dolu Olugbenjo, director at BlueCore. “Axxela is a high-quality asset with strong fundamentals and a talented management team. 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.”
“This marks an important milestone in our company’s journey,” commented Timothy Ononiwu, group chief executive officer of Axxela. “The success of the transaction is a strong validation of the value and impact that the shareholders found in the Axxela business. 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. Their reach and industry expertise will help us deepen our impact, expand our capabilities, and continue driving sustainable value across Nigeria’s energy landscape and the region.”
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