Voltage profile and minimizing power losses are the most challenging part of the power system. Flexible AC transmission system (FACTS) devices support sustaining and advancing voltage profiles and minimizing power losses. But, choosing the suitable FACTS device and its optimal placement in the network is a matter of concern. This paper presents an Artificial Bee Colony (ABC) Algorithm to find the optimal location and sizing parameters of the FACTS device in the transmission network. The FACTS device implemented in this paper is SVC, TCSC, and combination SVC-TCSC. SVC, TCSC, and combination SVC-TCSC are compared to determine the system's optimal placement for improving voltage profile and minimizing power losses. The transmission network 150 kV SUMBAGUT is used for this purpose. The Artificial Bee Colony (ABC) Algorithm shows that the optimal location for SVC is in bus 61 (TELE), which can improve voltage profile 6.14% and minimize power losses 5.89 MW. The optimal location for TCSC is in line 45 (TBING-KTNJG) can improve voltage profile 6.09% and minimize power losses 28.51 MW. Combination of SVC-TCSC can improve voltage profile 6.19% and minimize power losses 33.26 MW