Emera, ATCO and Canadian Utilities have announced a definitive agreement to merge. The combined company would have an enterprise value of approximately $72 billion, making the deal the largest in Canadian history.
The merger would create a top-20 North American utility. It would serve six million customers.
The combined company would operate as Emera and be led by current Emera CEO Scott Balfour. Emera shareholders are expected to own approximately 60% of the new entity. Former ATCO and Canadian Utilities shareholders would hold the remaining 40%.
The new company plans to carry out a $32 billion capital plan through 2030. As part of the transaction, ATCO will spin off its industrial services business into a new publicly traded company.
The deal is expected to close in late 2027, subject to shareholder and regulatory approvals.