Helios Investment Partners has bought the remaining 25% owned by Oando to assume ownership of Africa’s Sub-Saharan gas and power portfolio company, Axxela Limited.
Helios had initially purchased a majority stake in Axxela’s gas and power business enterprise in December 2016 leaving Oando with 25% which it has now bought.
We are pleased to formally announce that Axxela is now 100 percent owned by Helios Investment Partners. This follows Helios’ initial purchase of a majority stake in Axxela’s gas and power business enterprise in December 2016.https://t.co/NAiVrfeDJy
— Axxela (@AxxelaGroup) April 4, 2019
Speaking on the transaction, Axxela’s Chief Executive Officer, Bolaji Osunsanya, said, “While paying homage to our storied history and legacy, our recognition as being fully owned by Helios gives us global positioning, greater financial flexibility and access to capital going forward. As a partner of choice, we have immense pride in the growth, robustness, and stability of our existing business enterprise, enabling us to spur the aggressive expansion of our footprint via our audacious growth initiatives in Nigeria and the West African region.”
The total purchase value for the transaction was USD$41,500,000.