Colombian state-owned power group ISA has agreed to pay 1.06bn reais (US$320mn) for a 41.6% stake in Brazilian transmission firm Taesa.

In a statement, the Medellín-based company said it acquired 26% of Taesa's ordinary shares and 14.9% of its capital stock from Fundo de Investimento em Participações Coliseu and Fundo de Investimento em Ações Taurus.

The deal remains subject to approval from regulators.

"At the end of the transaction, ISA will position itself as one of the leading players in Brazil's electric power sector," ISA said.

Controlled by Brazilian energy conglomerate Cemig, Taesa holds 33 transmission concessions, operating around 11,000km of high-voltage power lines.