Hogan Lovells advises Sojitz in largest private sector gas distribution deal

Hogan Lovells advises Sojitz Corporation (“Sojitz”) on its purchase from Helios Investment Partners (“Helios”) of a 25% interest in the holding company of Axxela Limited (“Axxela”), the largest private-sector gas distributor in Nigeria, a transaction which marks the start of the collaboration between Sojitz and Helios in West African gas downstream businesses.

Helios Investment Partners, the Africa-focused private investment firm, acting on behalf of funds it advises, and Sojitz Corporation, one of the leading conglomerate investment and trading houses listed on the Tokyo Stock Exchange, announced recently the completion of the sale by Helios of a 25% interest in the holding company of Axxela, the largest private-sector gas distributor in Nigeria, to Sojitz. Helios retains a 75% interest in the company.

Sojitz is a leading conglomerate whose experience spans several industries including energy (gas, LNG, renewables, power, new clean energies including hydrogen), automotive, aerospace, agriculture, chemicals, consumer goods, healthcare, infrastructure and resources. As a global energy player, Sojitz possesses deep expertise in the gas and power infrastructure sector, where it has been involved in the development of gas distribution networks, LNG terminals and power plants globally.

In a statement, the company said the transaction marks Sojitz’s first significant equity investment in Africa, “indicating its growth ambitions on the continent and serving as a blueprint for future collaboration in Africa between Helios and Sojitz across a range of sectors.”

Commenting on the transaction, Sarah Shaw said: “We are delighted to have partnered with Sojitz on this ground-breaking transaction which demonstrates the strength of our expertise advising on complex cross-border M&A transactions in the energy transition space as well as the depth of our Africa practice.”