Emera Inc. and Canadian Utilities Ltd. have announced a merger deal valued at $72 billion, creating a significant energy entity in the utilities sector. The merger combines Emera, a Halifax-based utility with operations in the U.S. and the Caribbean, with Canadian Utilities, headquartered in Calgary and active in regions including Canada’s North, Mexico, Australia, and Puerto Rico.
The merger aims to capitalize on rising electricity demand and infrastructure development trends, positioning the combined company to support Canada’s growth objectives. Scott Balfour, Emera’s CEO, highlighted the strategic advantage of the merger in meeting expanding energy needs.
As part of the agreement, Emera will acquire Canadian Utilities and Atco Ltd., which holds a majority stake in Canadian Utilities. Atco’s industrial services division will become a new publicly traded company for its current shareholders, led by Atco CEO Nancy Southern. Southern emphasized that the newly formed Emera/Canadian Utilities entity will have the resources to invest in critical energy and infrastructure projects, while the new Atco will focus on growth in housing, defense, and industrial services.
The merger is expected to enable the companies to pursue opportunities arising from economic growth, infrastructure expansion, and a heightened focus on security and resilience, ultimately creating value for shareholders and contributing to long-term growth in Canada. The combined utility will operate under the Emera brand, with headquarters in Halifax and Canadian Utilities’ corporate and operational bases in Calgary and Edmonton.
Existing Emera shareholders are projected to own approximately 60% of the merged entity, with former Atco and Canadian Utilities shareholders holding the remaining 40%.