Emera Proposes $35.3 Billion Merger With ATCO and Canadian Utilities

Emera Inc. has announced a friendly all-stock bid to merge with ATCO Ltd. and its subsidiary, Canadian Utilities Ltd., in a transaction valued at $35.3 billion in equity. The deal would create one of the 20 largest utilities in North America, with a total enterprise value of $72 billion. The combined entity will integrate utility operations across Alberta, Nova Scotia, Florida, the Caribbean, and Australia to enhance infrastructure for electrical grids and data centers.

Under the proposed terms, Emera shareholders will own 60% of the new company, while shareholders of ATCO and Canadian Utilities will hold the remaining 40%. As part of the agreement, Emera will spin off ATCO's ports, defense, and housing businesses into a separate public company controlled by Sentgraf Enterprises Ltd.

If approved by shareholders and regulators, the transaction is expected to close by the end of 2027. The new company will be headquartered in Halifax, Canada.