Mergers & Acquisitions ·
Emera agrees to acquire Canadian Utilities for $72B combined enterprise value, spin off ATCO
EMAEmera Inc
Emera Inc. has entered into a definitive agreement to merge with Canadian Utilities in an all-share transaction valued at approximately $72 billion in combined enterprise value and $45 billion in rate base. The merger creates the largest utility combination in Canadian history, serving six million customers across North America and Australia. Emera shareholders will own roughly 60% of the new entity, while Canadian Utilities shareholders receive Emera shares based on exchange ratios between 0.755x and 0.819x. Concurrently, ATCO Ltd., which controls both companies, will spin off its industrial services businesses into a separate publicly traded company called New ATCO. The transaction is expected to close in the third or fourth quarter of 2027, pending regulatory and shareholder approvals. Emera Inc. operates as a leading North American provider of energy services with regulated electric and natural gas utilities.