Copperbelt Energy Corp. of Zambia has announced that it would acquire 60% of the stake at Abuja Electricity Distribution Co. of Nigeria in a 164 million-dollar deal through funds from its Kann Utility joint venture.

The joint venture is co-owned by the Zambian energy firm and XerXes Global Investments.

Copperbelt Energy has around 900 kms of 22V and 66k transmission lines and accounts for about 50 percent of power consumed in Zambia. It uses various reliability enhancing features including the well-equipped control center and a high degree of network redundancy to ensure that its energy supply is of high quality.

Abuja Electricity, found in 1997, engages in the distribution of electricity and is owned by Power Holding co. of Nigeria.