A significant transformation has occurred in the African energy landscape as Axxela Limited transitions to entirely new ownership. Helios Investment Partners, a leading private equity firm, has successfully finalized the divestment of its 75% controlling interest to BlueCore Gas InfraCo Limited.
A Clean Sweep of Ownership
The deal was not limited to the majority stake. Sojitz Corporation, which previously held the remaining 25% of the company, opted to exercise its contractual rights to exit alongside Helios. This move effectively consolidates 100% of Axxela’s equity under the BlueCore banner, marking a total handover of the firm’s extensive gas and power infrastructure.
Behind the BlueCore Alliance
The acquiring entity, BlueCore, is far from a single player. It is a robust strategic union comprising several heavyweights in the energy and finance sectors, including:
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Afrigaz Energie LLP (a Stanbic IBTC Infrastructure Fund portfolio company)
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Levene Energy Development
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emPERSAND Limited
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Energy & LLP
To jumpstart this new chapter, the consortium has already secured a massive $285 million funding boost aimed specifically at scaling gas projects throughout Nigeria.
Reflections on a High-Growth Era
The departure of Helios concludes a productive seven-year partnership that began with their initial buy-in back in 2019. Nitin Kaul, a partner at Helios, highlighted the resilience of the platform they built, expressing confidence that BlueCore is the ideal custodian to drive the company’s future ambitions.
On the front lines, Axxela’s Group CEO, Timothy Ononiwu, remarked that the seamless transition validates the immense market value the company has cultivated. He noted that the team is eager to explore the fresh opportunities presented by the BlueCore partnership.
The Architects of the Deal
This complex transaction was steered by a group of elite financial and legal advisors:
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Financial Oversight: Rand Merchant Bank (RMB) acted as the primary advisor for the sellers.
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Legal Experts for Helios: Latham & Watkins and Banwo & Ighodalo.
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Legal Experts for BlueCore: DLA Piper Africa and Asafo & Co.
Transaction Snapshot
| Key Metric | Details |
| Asset Transferred | 100% Equity in Axxela Ltd |
| New Parent Company | BlueCore Gas InfraCo Limited |
| Strategic Capital | $285 Million for Nigerian Gas Infrastructure |
| Deal Completion | Fully Regulatory Approved as of early 2026 |
