Emera Inc. and Canadian Utilities Ltd. have announced a merger deal that will create a powerhouse in the energy sector valued at $72 billion, positioning it among the largest utilities in North America. The merger combines the operations of Halifax-based Emera, which has a presence in the U.S. and the Caribbean, with Calgary-based Canadian Utilities, active in Canada’s North, Mexico, Australia, and Puerto Rico.
Scott Balfour, CEO of Emera, highlighted that the merged entity will be well-equipped to address the increasing energy demands driven by electrification trends and infrastructure development, supporting Canada’s growth objectives. As part of the agreement, Emera will acquire Canadian Utilities and Atco Ltd., which holds a controlling interest in Canadian Utilities, while Atco’s industrial services division will be spun off into a new publicly traded company led by Atco CEO Nancy Southern.
Southern emphasized that the combined Emera/Canadian Utilities entity will have the necessary resources to invest in critical energy and infrastructure projects to meet escalating demand, while the new Atco entity will focus on growth in housing, defense, and industrial services sectors. The companies aim to capitalize on opportunities arising from economic expansion, infrastructure development, and increased emphasis on security and resilience, delivering long-term value to shareholders and the Canadian population.
The merged utility, operating under the Emera brand, will be headquartered in Halifax while maintaining Canadian Utilities’ corporate and operational bases in Calgary and Edmonton. Existing Emera shareholders are expected to hold approximately 60% of the combined company, with former Atco and Canadian Utilities shareholders owning the remaining 40%.
REWRITE_BLOCKED: The content is already clear and concise, and no additional information is needed for rewriting.
