Premier Africa-focused private investment firm, Helios Investments Partners has fully acquired Axxela Limited (formally Oando Gas and Power Limited), as it becomes the principal investor thereby having sole ownership.
This acquisition finalizes a transaction that started in 2016. At that time, Helios Investment Partners purchased a 75 percent shares in Oando gas and power (a subsidiary of Oando PLC). The then Oando gas and power rebranded as Axxela limited in 2017, with Helios controlling a majority stake while Oando owned only 25 percent shares in Axxela limited. Now, Helios has purchased the residual 25 percent interest which Oando controls in Axxela.
Since the partnership, the business has grown and emerged a leading gas and power portfolio company in Nigeria, creating an impact in the economy. It has pioneered the development of Nigeria’s foremost natural gas distribution network and has grown to become the largest private sector gas distributor in Nigeria.
“As we position to become the preferred and fast-growing gas and power portfolio across sub-Saharan Africa, we pay homage to our origins, legacy, and storied history as an Oando portfolio company. We are immensely proud of our impressive track record of building substantial gas and power infrastructure across Nigeria and implementing essential Corporate Social Responsibility initiatives in our host communities,” Chief Executive Officer Axxela Limited, Bolaji Osunsanya said while commenting on the transaction.
“As we commence a new journey, our audacious growth initiatives across Nigeria and the sub-region will leverage our industry expertise, experience, and longevity; while our affiliation as a full-fledged Helios company will improve our access to capital.”
Helios Investment Partners is a private equity investment firm with a focus on investments in Africa. Oando’s divestment to Helios is expected to reduce the company’s debt profile with the aim to allow it to operate at its full potential which will spur progressive expansion. The total purchase price for the transaction was $41,500, 000. The net proceeds of the transaction will be applied in partially prepaying the Group’s Medium-Term Loan (MTL).