Helios Takes Full Control of Axxela by Acquiring 25 Percent Stake for USD41.5 Million
Posted On: 04 Apr 2019 | Source(s): Oando | Author(s): Utpal Bhaskar
Africa-focused private investment firm Helios Investment Partners has invested USD41.5 million for a 25 percent stake in Axxela, the Nigeria-based natural gas distribution subsidiary of Nigeria- and South Africa-listed oil company Oando. The transaction follows Helios’ acquisition of a 75 percent stake in the company from Oando in 2016 for USD115.8 million. Axxela delivers natural gas to more than 160 industrial and commercial customers in West Africa and is a designated shipper on the West African Gas Pipeline.