Nume Ekeghe
Rand Service provider Financial institution (RMB), a subsidiary of the FirstRand Group, has efficiently closed a landmark $285 million acquisition financing for BlueCore InfraCo Restricted, marking a pivotal second in Nigeria’s power infrastructure evolution.
Performing as World Debt co-ordinator, Mandated Lead Arranger (MLA), Underwriter and Bookrunner, RMB structured and part-funded a complete $285 million debt financing resolution to assist BlueCore InfraCo’s acquisition of Glover Fuel & Energy B.V., the 100 per cent proprietor of Axxela Restricted considered one of Nigeria’s main non-public gasoline and energy distribution platforms. RMB additionally delivered a bespoke funding resolution that enabled BlueCore Infraco to finalise the transaction inside quick timelines and served as unique sell-side adviser to Helios Funding Companions, the outgoing shareholder, guaranteeing a seamless transition to native Nigerian possession.
Head of Funding Banking, Africa, RMB, Chidi Iwuchukwu said: “This milestone transaction showcases RMB’s means to ship built-in, high-impact options that unlock worth for our shoppers whereas advancing Nigeria’s power transition. By enabling indigenous possession of strategic gasoline and energy property, we’re serving to to drive the shift towards cleaner, extra sustainable power.”
Executed beneath a compressed timeline, RMB’s differentiated method leveraging its One Financial institution mannequin and deep sector experience was instrumental in securing the deal amidst a aggressive bid course of involving over 15 events.
Lead Transactor and Head Leveraged Finance West Africa for RMB, Francis Oputeh, added: “This transaction displays our sturdy partnership with BlueCore InfraCo and underscores RMB’s management in structuring advanced, multi-stakeholder offers throughout
Africa. It’s a testomony to our function as a trusted adviser delivering affect past finance.”
Commenting on the deal, BlueCorp InfraCo Eric Idiahi stated: “This acquisition marks a defining step in BlueCorp’s mission to strengthen Nigeria’s power infrastructure by indigenous possession. Partnering with RMB enabled us to safe a tailor-made financing resolution that positions Axxela to drive gasoline commercialisation, reliability, and sustainability throughout the nation.”
The acquisition helps Nigeria’s gasoline commercialisation technique, enhances power reliability, and contributes to nationwide decarbonisation objectives by decreasing gasoline flaring and displacing carbon-intensive fuels.
