RMB Guides Helios Through a Landmark Axxela Equity Sale
Rand Merchant Bank (RMB) has announced its role as the Exclusive Financial Adviser to Helios Investment Partners in the completion of the sale of its 75% equity stake in Axxela Limited to BlueCore Gas InfraCo Limited. The deal marks a significant milestone in the African energy infrastructure space, aligning private equity expertise with a growing appetite for gas and midstream investments across the region.
Deal Overview
The transaction involves Helios, a leading private equity investor, divesting a substantial stake in Axxela, a key player in the Nigerian and West African gas sector. BlueCore Gas InfraCo Limited is the acquiring entity, positioning the deal within the broader push to expand gas infrastructure, improve energy reliability, and support regional industrial growth. RMB’s role as exclusive adviser underscores the complexity and value of the transaction, which required careful coordination among regulatory authorities, lenders, and other stakeholders.
Strategic Rationale
For Helios, the exit provides liquidity and an opportunity to recycle capital into new opportunities, while maintaining a strategic interest through continued collaboration with Axxela if future opportunities arise. For BlueCore Gas InfraCo, the acquisition expands its portfolio in gas infrastructure, leveraging Axxela’s established footprint and operational capabilities to accelerate gas supply networks across Nigeria and neighboring markets.
Implications for the African Energy Sector
The sale highlights several broader market dynamics. First, investors are increasingly attracted to regulated and semi-regulated energy infrastructure with predictable cash flows. Second, this deal demonstrates the ongoing transformation of Africa’s energy landscape, where gas infrastructure projects are essential to diversification away from oil and to supporting industrialization. Finally, the transaction may catalyze further deals in the sector as more funds seek exposure to reliable midstream assets and regional gas hubs.
RMB’s Role and Execution
As Exclusive Financial Adviser, RMB led due diligence, valuation assessments, and negotiations to optimize value for Helios while addressing regulatory considerations and risk management. The bank’s involvement reflects its depth in cross-border private equity exits and its experience structuring complex transactions in the energy and infrastructure space. The closing process would have required aligning multiple stakeholders, including lenders, regulators, and management teams, to ensure a smooth transition of ownership and ongoing operations.
What Comes Next
With the deal complete, BlueCore Gas InfraCo gains a meaningful stake in Axxela’s operations and growth plans. Axxela, supported by Helios’ governance and strategic insight during the ownership phase, can advance its expansion into gas infrastructure projects, including pipeline development, gas distribution networks, and related services. For Helios, the exit enables capital redeployment into new funds or platforms focused on high-potential infrastructure and energy opportunities across Africa and beyond.
Conclusion
The landmark sale of a 75% equity interest in Axxela from Helios to BlueCore, with RMB as exclusive adviser, underscores the strength of Africa’s energy infrastructure market and the appetite among global and regional players to invest in reliable gas networks. As buyers and sellers navigate an evolving regulatory and financing environment, such transactions set benchmarks for value realization and strategic collaboration in the sector.
