(Agence Ecofin) – After its divestment last September from GBfoods Africa and in November from Vivo Energy, the capital investor Helios is finalizing a partial exit from West Africa, specifically from Nigeria.
Helios Investment Partners, which owns all the shares of the Nigerian gas distribution company, Axxela, has sold 25% of the firm’s shares to the Japanese Sojitz Corporation. The amount of the sale was not disclosed. Helios will retain the majority of the company’s capital, ie 75% of shares.
“This transaction marks Sojitz’s first significant investment in Africa, signaling its growth ambitions on the continent, and serving as a model for future collaboration in Africa between Helios and Sojitz across a range of sectors,” indicated the two partners in an official note relating to the transfer operation. Adding that they: plan to accelerate the growth of Axxela’s business by leveraging Sojitz’s expertise in developing gas and power infrastructure projects.”
Although partial, this operation marks Helios’ third outing in 6 months. In September 2021, the private equity firm dedicated to Africa sold its 49% stake in consumer goods distributor GBfoods Africa to its co-shareholder and partner GBfoods SA. Two months later, she sold her shares in the retailer and distributor of fuels and lubricants Vivo Energy to the Vitol group.
This operation represents “Japan’s first strategic investment in a gas distribution company in Africa”. Sojitz, a conglomerate listed on the Tokyo Stock Exchange, whose activities cover several sectors, including energy, automotive, agriculture and chemicals, considers its investment in Axxela as “its entry into the gas market in Africa, where enormous growth potential is expected”.
Masakazu Hashimoto, Head of Infrastructure and Healthcare Division at Sojitz Corporation says that “This transaction embodies our market-driven initiative and our co-creation and sharing methodologies.”
Chamberline Moko
