Mergers & Acquisitions ·
Emera agrees to acquire ATCO and Canadian Utilities for stock in proposed $16B combination
EMAEmera Inc
Emera Inc., ATCO Ltd., and Canadian Utilities Limited announced a statutory arrangement under which Emera will acquire all outstanding shares of ATCO and the non-ATCO-held shares of Canadian Utilities. The transaction involves an exchange ratio of 0.865 Emera shares for each ATCO share, with ATCO shareholders also receiving SpinCo shares representing ATCO's industrial services business. Canadian Utilities Class A and B shareholders will receive 0.755 and 0.819 Emera shares, respectively. The deal is subject to regulatory approvals, court confirmation, and securityholder votes expected in the first quarter of 2027. Termination fees range from $432 million to $720 million depending on the circumstances. Emera operates as a diversified energy company providing electricity and natural gas services.