Emera Inc. and Canadian Utilities Ltd. have announced an all-stock merger, creating a combined energy entity valued at $72 billion, positioning it as one of North America’s largest utility companies. The merger brings together Emera, headquartered in Halifax with operations in the U.S. and the Caribbean, and Canadian Utilities, based in Calgary with operations in Canada’s North, Mexico, Australia, and Puerto Rico.
The merger aims to leverage increasing demand due to electrification trends and infrastructure development. Emera’s CEO, Scott Balfour, stated that the combined company will be better equipped to meet the growing energy needs and support Canada’s growth objectives.
As part of the deal, Emera will acquire Canadian Utilities and Atco Ltd., which holds a majority stake in Canadian Utilities. At the same time, Atco’s industrial services division will become a separate public company led by Atco’s CEO, Nancy Southern.
Southern expressed that the merged Emera/Canadian Utilities company will have the necessary resources to invest in essential energy and infrastructure projects, while the new Atco entity will focus on growth in housing, defense, and industrial services.
The merged companies are poised to capitalize on economic growth, infrastructure expansion, and the increasing emphasis on security and resilience, creating long-term value for shareholders and the broader Canadian community.
The new utility company, operating under the Emera brand, will remain headquartered in Halifax, while maintaining Canadian Utilities’ corporate and operational bases in Calgary and Edmonton. Existing Emera shareholders are expected to hold approximately 60% of the combined entity, with former Atco and Canadian Utilities shareholders owning the remaining 40%.