CDC Group plc offered to acquire Copperbelt Energy Corporation PLC (LUSE:CEC) from ZCCM Investments Holdings Plc (ENXTPA:MLZAM), Zambian Energy Corporation (Ireland) Limited, Directors and others for approximately $350 million on January 23, 2018. Under the offer, the shares of Copperbelt Energy Corporation PLC will be acquired at $0.2338 per share in cash, which after adjusting for dividend gives rise to an effective offer price of $0.2178 per CEC share. Africa Infrastructure Fund I K/S, managed by A.P. Moller Capital P/S, will become a minority shareholder of Copperbelt Energy Corporation PLC, if the offer becomes wholly unconditional. CDC Group plc has received an irrevocable undertaking not to accept the offer from ZCCM Investment Holdings PLC in respect of 325 million CEC shares. Upon completion, CDC Group intends to keep CEC listed on Lusaka Stock Exchange (LuSE) provided it is in full compliance with the requirements of the LuSE, the Companies Act and the Securities Act. CDC Group intends to retain CEC's management and employees upon completion of offer.

The offer is conditional upon receipt of COMESA Competition Commission Clearance, the consent of the Minister of Finance of Zambia as holder OF the Golden share (a share in CEC that may only be issued to, held by or transferred to the Minister of Finance, or his successor or nominee on his behalf, or other person acting on behalf of the Government of Zambia), the lenders to CEC unconditionally consenting to the transaction, the consent of ZESCO Limited and execution by CEC and ZESCO of an amendment of the bulk supply agreement which provides for an extension of the term of the agreement for an additional period of 20 years and valid acceptance being received in respect of CEC Shares which will result in the CDC Group plc holding more than 50% of the voting rights attaching to the CEC shares. An Independent Committee of the Board of CEC has been constituted to discharge the Board's responsibilities in relation to the offer. The offer will remain open from February 20, 2018 till April 20, 2018. As of February 19, 2018, Deloitte & Touche Zambia is of the opinion that the offer is fair and reasonable. Pangaea Securities Limited acted as financial advisor for CDC Group plc while Chibesakunda & Co Advocates and Orrick Herrington acted as legal advisors. Corpus Legal Practitioners acted as legal advisor for the independent committee of CEC while Humphrey Mulenga of Deloitte and Touche acted as financial advisor. Stockbrokers Zambia Limited acted as broker for CEC and Corpserve Transfer Agents Limited, as transfer agent. Nigel Wellings and Richard Olley of Clifford Chance LLP acted as legal advisor to CDC Group plc on the equity funding arrangements in relation to the acquisition including co-investment terms with A.P. Moeller Capital.

CDC Group plc cancelled the acquisition of Copperbelt Energy Corporation PLC (LUSE:CEC) from ZCCM Investments Holdings Plc (ENXTPA:MLZAM), Zambian Energy Corporation (Ireland) Limited, Directors and others on July 17, 2018. Offer lapsed since the the conditions to the offer had not been met in full or the offer was declared unconditional.