Emera Inc. and Canadian Utilities Ltd. have announced an all-stock merger, creating a $72 billion energy giant that will be one of the largest utilities in North America. The merger combines Halifax-based Emera, with operations in the U.S. and the Caribbean, and Calgary-based Canadian Utilities, active in Canada’s North, Mexico, Australia, and Puerto Rico.
The move is driven by the increasing demand for energy due to electrification trends and significant infrastructure development. The merged company aims to better address growing energy needs and support Canada’s growth goals, according to Emera’s CEO, Scott Balfour.
As part of the agreement, Emera will acquire Canadian Utilities and Atco Ltd., which holds a controlling interest in Canadian Utilities. At the same time, Atco’s industrial services division will become a new publicly traded company led by Atco’s CEO, Nancy Southern.
Southern highlighted that the combined Emera/Canadian Utilities entity will have the necessary resources to invest in critical energy and infrastructure projects to meet rising demand, while the new Atco company will focus on growth in housing, defense, and industrial services.
The merger positions the companies to capitalize on economic growth, infrastructure expansion, and the increasing emphasis on security and resilience, creating long-term value for shareholders and Canadians alike. The new utility company, operating under the Emera brand, will be headquartered in Halifax, maintaining Canadian Utilities’ corporate and operational bases in Calgary and Edmonton.
Existing Emera shareholders are expected to hold approximately 60% of the merged utility, with former Atco and Canadian Utilities shareholders owning the remaining 40%.