Recent Updates — EMA

Emera Incorporated has entered into an Arrangement Agreement with ATCO Ltd., Canadian Utilities Limited, and SpinCo to acquire all outstanding shares of ATCO and Canadian Utilities. The transaction values the combined entities at approximately $14.5 billion, with consideration paid through the issuance of Emera common shares. As part of the deal, ATCO will spin off its non-regulated businesses into a new entity called SpinCo, which will be distributed to ATCO shareholders on a pro-rata basis. The boards of all three companies have unanimously recommended the transaction. Closing is subject to shareholder approvals and key regulatory clearances, including antitrust reviews in Canada, Australia, Mexico, and the U.S., with an outside date of December 31, 2027. Emera Inc. operates as a diversified energy company providing electricity and natural gas services primarily in North America.

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.

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.