A new leading Canadian energy company is in the making following a merger announcement between Halifax-based Emera Inc. and Calgary-based Canadian Utilities. The merger, valued at $72 billion, will create one of the largest utilities in North America, positioning the combined entity to capitalize on the growing demand for power.
Atco Ltd., the controlling shareholder of Canadian Utilities, is shifting its focus towards defense, housing, and infrastructure development in remote areas. The merger discussions were initiated by Emera’s CEO, Scott Balfour, and Nancy Southern, Atco’s chief executive, who both shared a vision of creating a strong Canadian energy powerhouse.
The new company will operate under the Emera brand, with headquarters in Halifax and operational offices in Calgary and Edmonton. The post-merger Emera is expected to serve six million customers across Canada, the United States, Mexico, the Caribbean, and Australia.
The combined entity plans to invest $32 billion in capital projects through 2030, with a significant portion of operations expected to be in Florida and Alberta, high-growth regions in North America. Southern will head the refocused Atco and co-chair Emera’s board, ensuring strategic leadership post-merger.
The deal will see Emera acquire all outstanding shares of Canadian Utilities, valued at $14.3 billion. Shareholders of Emera, Canadian Utilities, and Atco are set to vote on the transaction early next year, subject to various regulatory approvals.
The merger marks a strategic move to create a Canadian energy champion with the financial strength to support infrastructure development and meet the evolving demands for clean power and technological advancements.