MONTREAL (AFP) - Behemoth hydro-electricity supplier Hydro-Quebec on Thursday bought its New Brunswick rival for 4.7 billion Canadian dollars (4.4 billion US) amid consolidation of power grids in North America.

Under the deal, to be finalized next year, Hydro-Quebec acquires most of New Brunswick Power's assets such as power generation facilities and transmission lines -- including a new entry point into the US market via the US state of Maine.

It will offer New Brunswick Power's more than 370,000 customers electricity discounts worth about five billion Canadian dollars (4.7 billion US) over five years.

The closing date for the transaction is March 31, 2010.