Rand Merchant Bank (RMB) said it acted as exclusive financial adviser to Helios Investment Partners in the completed sale of Helios’ 75 per cent equity interest in Axxela Limited to BlueCore Gas InfraCo Limited.

RMB, a division of FirstRand Bank Limited, provided end-to-end transaction management, from strategic positioning and valuation work to competitive process design, bidder outreach, diligence coordination, and final negotiations.

As part of the transaction, Sojitz Corporation exercised its tag-along rights to sell its 25 per cent stake, resulting in a full transfer of ownership to BlueCore, a strategic alliance of Afrigaz Energie LLP (a portfolio company of Stanbic IBTC Infrastructure Growth Fund), Levene Energy Development Limited, emPERSAND Limited and Energy LLP.

The landmark transaction is transformative on many fronts, The Guardian gathered, as it accelerates gas-to-power development across Nigeria and the broader West African region, signals deep investor confidence in the Nigerian energy sector and sets a precedent for multistakeholder, cross-border, private equity exits in the country’s energy landscape.

In a statement, RMD explained that the transaction attracted significant interest from strategic investors and infrastructure funds alike and ranks among the largest African private equity transactions completed in 2025.

Speaking on the successful completion of the transaction, the Executive Director & Head of Investment Banking at RMB, Chidi Iwuchukwu, commented: “We are proud to have advised Helios on this landmark transaction. Axxela has become a pivotal platform in Nigeria’s gas value chain, and this outcome underscores the growing depth of investor interest in energy transition infrastructure across West Africa. Our role reflects RMB’s commitment to delivering high-calibre advisory across complex, cross-border transactions.”