CUCanadian Utilities LimitedEEmera Inc.

Overview

Emera agreed to acquire Canadian Utilities in an all-share merger of equals, with Canadian Utilities Class A shareholders receiving 0.755 of an Emera common share per share and Class B shareholders receiving 0.819 of an Emera common share per share, valuing Canadian Utilities' equity at approximately $14.3 billion. In connection with the transaction, ATCO's industrial services business is to be spun off as New ATCO, with ATCO shareholders receiving Emera shares and New ATCO shares.

Deal rationale

The combination is expected to create a larger, more diversified Canadian utility and energy infrastructure company with greater financial strength, scale and investment capacity to support growing energy and infrastructure needs across Canada, the United States and Australia.

Timeline

1. AnnouncedOct 6, 2026

   Deal announced.

   Filing

Valuation and terms

Advisors

Parties