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. Last Updated: 07/27/2016

British Electricity Buying Into U.S.

WESTBOROUGH, Massachusetts -- New England Electric System announced Monday that it has agreed to be taken over by National Grid, the English and Welsh electricity operator, in a deal valued at around $3.2 billion.

New England Electric System, which provides electricity to more than 1.3 million customers in Massachusetts, New Hampshire and Rhode Island, will become a subsidiary of National Grid.

National Grid, which operates a monopoly in England and Wales with more than 5,000 kilometers of high voltage transmission lines, had been looking to expand outside of Britain.

The British electricity company is also expected to assume $1 billion of the New England company's debt, the London-based Financial Times said in Monday's editions.

The deal between National Grid and New England Electric follows the announcement last week of ScottishPower's $7.9 billion takeover of California-based PacifiCorp.

If that acquisition goes ahead, it will be the first ever purchase of a U.S. electric utility by a foreign company.