Levene Energy and BlueCore Consortium Complete $285 Million Acquisition of Nigeria’s Axxela Gas
Energy services solutions provider Levene Energy has completed a major acquisition of natural gas company Axxela Limited, marking its strategic entry into Nigeria’s midstream and downstream gas sectors. The transaction, valued at approximately $285 million, was executed through the BlueCore Gas InfraCo consortium, which includes Levene Energy, Afrigaz Energie, Energy& LLP, and emPERSAND.
Through the deal, the BlueCore consortium has acquired 100% of Axxela, purchasing the interests of Helios Investment Partners and Sojitz Corporation. The acquisition was supported by a structural debt and equity financing package arranged by Standard Bank, which navigated complex regulatory and multi-jurisdictional aspects of the transaction.
Axxela is one of West Africa’s largest private gas distributors, operating across the natural gas value chain and supplying energy solutions to industrial and commercial customers throughout Nigeria. The acquisition marks a key step in Levene Energy’s transition from oil and refined products into a fully integrated and infrastructure-backed clean energy company.
The transaction brings together a strategic consortium with extensive experience in gas pipelines, power generation, and energy infrastructure, reflecting strong investor interest in expanding energy assets across Nigeria and the wider region. Standard Bank said the financing package underscores its sector knowledge and structured capital expertise in Africa’s energy market.
The acquisition aligns with BlueCore’s strategy to scale gas and power infrastructure across West Africa, while positioning Levene Energy to participate in long-term energy transition assets supporting industrial demand and regional energy security.
Source: energycapitalpower.com
