RMB Secures $285m Financing For BlueCore InfraCo

Rand Merchant Bank (RMB), a subsidiary of the FirstRand Group and a leading corporate and investment bank, has closed a $285 million acquisition financing for BlueCore InfraCo Limited.

Acting as Global Debt co-ordinator, Mandated Lead Arranger (MLA), Underwriter and Bookrunner, RMB structured and part-funded a total $285 million debt financing solution to support BlueCore InfraCo’s acquisition of Glover Gas & Power B.V., the 100 per cent owner of Axxela Limited, one of Nigeria’s private gas and power distribution platforms.

RMB also delivered a bespoke funding solution that enabled BlueCore Infraco to finalise the transaction within short timelines and served as exclusive sell-side adviser to Helios Investment Partners, the outgoing shareholder, ensuring a seamless transition to local Nigerian ownership.

Head of Investment Banking, Africa for RMB, Chidi Iwuchukwu, noted that “this milestone transaction showcases 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’re helping to drive the shift toward cleaner, more sustainable energy.”

Executed under a compressed timeline, RMB’s differentiated approach, leveraging its One Bank model and deep sector expertise, was instrumental in securing the deal amidst a competitive bid process involving over 15 interested parties.

Lead Transactor and Head Leveraged Finance West Africa for RMB, Francis Oputeh, also noted that “this transaction reflects our strong partnership with BlueCore InfraCo and underscores RMB’s leadership in structuring complex, multi-stakeholder deals across Africa. It’s a testament to our role as a trusted adviser delivering impact beyond finance.”

Commenting on the deal, Eric Idiahi of BlueCorp InfraCo noted “This acquisition marks a defining step in BlueCorp’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 commercialisation, reliability, and sustainability across the country.”