Emera and Canadian Utilities announce C$72 billion merger

Emera and Canadian Utilities have announced an all-share merger to create Canada’s largest utility company. The deal, valued at approximately C$72 billion ($53 billion) in enterprise value, is described by the companies as the largest merger in Canadian history between two domestic firms.

Under the terms of the transaction, Emera will acquire all outstanding shares of both Canadian Utilities and ATCO. The combined entity will retain the Emera name and is expected to serve approximately six million customers across Canada, the United States, and international markets, positioning it among the top 20 North American utilities.

Following the merger, existing Emera shareholders are projected to own roughly 60% of the combined company, while former Canadian Utilities and ATCO shareholders will hold the remaining 40%. The company will maintain its headquarters in Halifax, with operational offices in Calgary, Edmonton, Tampa, and Perth, Australia. Scott Balfour will serve as CEO, with Nancy Southern and Karen Sheriff acting as Co-Chairs of the Board.