Emera, Canadian Utilities Agree to Merger of Equals; Combined Company to Have CA$72 Billion Enterprise Value

MT newswire2026/10/06 11:46

07:46 AM EDT, 10/06/2026 (MT Newswires) -- Emera (EMA.TO, EMA), ATCO (ACO-X.TO) and Canadian Utilities (CU.TO) said Tuesday that Emera and Canadian Utilities agreed to a merger of equals expected to create a combined company with a pro forma enterprise value of about CA$72 billion. The companies expect the new combined company to operate as Emera and to be led by Emera chief executive officer Scott Balfour. As per the transaction, ATCO will spin off into a "high-growth industrial services company" focused on housing, defence, and investments, into a new publicly-traded company, New ATCO, the statement said. Existing Emera shareholders are expected to collectively own about 60% of the combined company, and former ATCO and Canadian Utilities shareholders are expected to collectively own about 40%, after completion of the deal. Closing of the deal is expected in the third or fourth quarter of 2027, subject to some conditions and approvals. US-listed shares of Emera were last seen down 0.2% at $47.80 in pre-market trading.

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