CALGARY – Emera Inc. and Canadian Utilities Ltd. are joining up in an all-stock merger, forming an energy “powerhouse” worth $72 billion that would rank among the continent’s largest utilities.
The company brings together the Halifax-based utility which also has operations in the United States and the Caribbean with Calgary-based Canadian Utilities, which is also active in Canada’s North, Mexico, Australia and Puerto Rico.
“As demand rises from electrification trends and major infrastructure development, the combined company will be better positioned to help meet growing energy needs and power Canada’s growth ambitions,” said Scott Balfour, Emera’s chief executive.
Under the agreement, Emera will acquire Canadian Utilities and Atco Ltd., which owns a controlling stake in Canadian Utilities, while Atco’s industrial services business will be spun out as a new public company to its existing shareholders that will be led by Atco CEO Nancy Southern.”
“The combined Emera/Canadian Utilities company will have the scale, capabilities and capital to invest in critical energy and infrastructure projects that support growing demand, while New Atco will be positioned to accelerate growth in housing, defence and industrial services,” Southern said in a news release.
“Together, these companies are expected to be better equipped to pursue opportunities created by economic growth, infrastructure expansion and increasing focus on security and resilience, creating long-term value for shareowners and Canadians alike.”
The new utility company, which will operate under the Emera banner, will continue to be based in Halifax, but maintain Canadian Utilities’ corporate and operational headquarters in Calgary and Edmonton.
Existing Emera shareholders are expected to own about 60 per cent of the combined utility, while former Atco and Canadian Utilities shareholders are expected to own about 40 per cent.
This report by The Canadian Press was first published Oct. 6, 2026.
Companies in this story: (TSX:EMA, TSX:CU, TSX:ACO.X)
