Emera to Acquire Canadian Utilities in C$14.3 Billion All-Share Deal to Create C$72 Billion Utility Giant

Emera Inc. will acquire ATCO-controlled Canadian Utilities Ltd. in an all-share transaction valued at approximately C$14.3 billion, or about US$10 billion, in what the companies describe as the largest merger between two Canadian companies. The combined entity will carry roughly C$72 billion in enterprise value and serve about six million customers, retaining the Emera name.

Emera shareholders will own approximately 60% of the combined company following the close of the deal. ATCO, which currently controls Canadian Utilities, will spin off its remaining businesses into a separate publicly traded company as part of the transaction structure.

The deal brings together two major regulated utility operators and creates a dominant player in the Canadian utility sector, with the scale to serve customers across multiple provinces and geographies where both companies currently operate.