Rand Merchant Bank (RMB), a subsidiary of the FirstRand Group and one of Africa’s leading corporate and investment banks, has successfully executed a landmark $285 million acquisition financing for BlueCore InfraCo Limited—a transaction that marks a pivotal moment in Nigeria’s energy infrastructure evolution.
Acting as Global Debt Coordinator, Mandated Lead Arranger (MLA), Underwriter, and Bookrunner, RMB structured and part-funded a comprehensive $285 million debt solution to enable BlueCore InfraCo’s acquisition of Glover Gas & Power B.V., the 100% owner of Axxela Limited, Nigeria’s foremost private gas and power distribution platform.
In addition to arranging the financing, RMB delivered a bespoke funding structure that allowed BlueCore InfraCo to close the transaction within an accelerated timeline. RMB also served as exclusive sell-side adviser to Helios Investment Partners, the outgoing shareholder, ensuring a seamless transition to indigenous Nigerian ownership.
Chidi Iwuchukwu, Head of Investment Banking, Africa at RMB, commented:
This milestone transaction underscores RMB’s ability to deliver integrated, high-impact solutions that unlock value for our clients while advancing Nigeria’s energy transition. By enabling indigenous ownership of strategic gas and power assets, we are helping drive the shift toward cleaner, more sustainable energy.
The deal was executed under a compressed timeline and amidst a highly competitive bid process involving more than 15 interested parties. RMB’s One Bank model, combined with deep sector expertise and innovative structuring capabilities, proved instrumental in securing the transaction.
Francis Oputeh, Lead Transactor and Head of Leveraged Finance, West Africa at RMB, added:
This transaction reflects our strong partnership with BlueCore InfraCo and reinforces RMB’s leadership in structuring complex, multi-stakeholder deals across Africa. It is a testament to our role as a trusted adviser delivering impact beyond finance.
Eric Idiahi, representing BlueCore InfraCo, stated:
This acquisition marks a defining step in BlueCore’s mission to strengthen Nigeria’s energy infrastructure through indigenous ownership. Partnering with RMB enabled us to secure a tailored financing solution that positions Axxela to drive gas commercialization, reliability, and sustainability across the country.
The acquisition aligns with Nigeria’s gas commercialization strategy, enhances energy reliability, and supports national decarbonization goals by reducing gas flaring and displacing carbon-intensive fuels.
