Published: October 29, 2026 |

[Click image to enlarge]

[Click image to enlarge]

Emera, ATCO, and Canadian Utilities have entered into a definitive agreement to bring together Emera and Canadian Utilities in a merger of equals, creating a Canadian utility and energy infrastructure powerhouse with the scale to help power Canada’s growth ambitions, while continuing to invest in and grow its operations across its jurisdictions, including in the high growth markets of Alberta and Florida.

“Today marks an important moment for our companies and the customers and communities we serve. This merger creates a Canadian utility and energy infrastructure powerhouse with the scale, financial capacity, and expertise to invest in the systems our customers will rely on for decades,” said Scott Balfour, president and chief executive officer of Emera.

“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. Our shared commitment to safety, employees, customers, and communities will guide us as we bring our organizations together,” added Balfour.

“Over the years, the Emera board has proudly supported the company’s growth and embraced transformative opportunities that had the potential to create lasting value. We believe this is one of those opportunities,” said Karen Sheriff, chair of the board of Emera.

“Bringing together Emera and Canadian Utilities is a rare chance to build on the strengths of two successful companies and create an even stronger enterprise, with greater capacity to invest, grow and help meet the evolving needs of customers and communities. The board enthusiastically supports this combination and believes it will create lasting value for shareholders, customers, employees, and communities for years to come,” added Sheriff.

The combined company is expected to have a pro forma enterprise value of approximately $72 billion, approximately $45 billion in rate base and serve approximately six million customers across Canada, the United States, and international markets. It will have greater financial strength, broader capabilities, and enhanced investment capacity to support expected growing energy and infrastructure needs across its operations. This increased scale will position the company to support a range of capital-intensive priorities, electrification projects, major natural gas and electric transmission investments, large load customers, export infrastructure, and other large-scale energy infrastructure projects.

“This merger is about unlocking the next wave of growth for Canadian Utilities and the customers and communities we serve. By bringing Canadian Utilities and Emera together, we will combine complementary strengths, proven operating expertise, and greater financial capacity to invest in the energy infrastructure needed for the future,” said Bob Myles, chief executive officer, Canadian Utilities Limited.

“We believe that the result will be a stronger, more resilient company — one that is better positioned to pursue new opportunities, support our people and communities, and deliver long-term value for shareholders,” added Myles.

The new company will operate as Emera. Its public company headquarters will remain in Halifax, while maintaining Canadian Utilities’ corporate and operational headquarters in Calgary and Edmonton, with a strong continued presence in Canadian Utilities’ key markets including Perth, Australia. Emera’s U.S. operations will continue to be headquartered in Tampa, Florida.

Based on the implied enterprise value of Canadian Utilities, the transaction is expected to be the largest merger in history between two Canadian companies and will form a top 20 North American utility.

Customers can expect continued safe and reliable service throughout the transaction process and beyond. Until closing, Emera, ATCO, and Canadian Utilities will continue to operate independently and remain focused on customers, employees, safety, reliability, and operational performance. The combination is expected to support continued investment in infrastructure, employment, economic development, and long-standing community partnerships.

In connection with the transaction, ATCO will spin off as a high-growth industrial services company as New ATCO, a newly formed public company focused on housing, defense, and investments, including ports and retail energy. New ATCO will emerge as a purpose-built company with dedicated leadership, capital and strategic focus, positioned to build, deploy, and operate in complex environments across North America and international markets.

“This transaction represents a defining next chapter for ATCO. For nearly eight decades, our people have built businesses that provide essential infrastructure and services to communities and countries. Today, we are creating a structure that we believe unlocks the full growth potential of these businesses and positions them to play an even greater role in powering the future,” said Nancy Southern, chair and chief executive officer of ATCO.

“ATCO shareowners will participate in two focused and compelling companies. 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, defense, and industrial services,” added Southern.

BUILDING A CANADIAN-HEADQUARTERED ENERGY AND INFRASTRUCTURE POWERHOUSE

The combination of Emera, with approximately 70 percent of earnings from operations in Florida, and Canadian Utilities with approximately 80 percent from operations in Alberta, creates a company with approximately 95 percent of earnings from regulated utilities, and approximately 80 percent of earnings generated in Florida and Alberta, two of the highest growth jurisdictions in North America.

INDUSTRY-LEADING MANAGEMENT AND GOVERNANCE

Upon closing, the merged company will be led by Scott Balfour, president and chief executive officer of Emera. Key members of the current Canadian Utilities leadership team will join the Emera executive team including Bob Myles as chief executive officer of Canadian Utilities and Becky Penrice as executive vice president, Corporate Transformation and Integration. Leadership of the companies’ operating businesses will remain unchanged.

The combined company will have a thirteen-member board of directors, with six directors put forward by Canadian Utilities and seven directors put forward by Emera. Nancy Southern will serve as co-chair of the Emera board of directors alongside Karen Sheriff, the current chair.

Emera is a leading North American provider of energy services headquartered in Halifax, Nova Scotia, with investments in regulated electric and natural gas utilities, and related businesses and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.1 million customers in the United States, Canada, and the Caribbean. Its team of 6,800 employees is committed to their purpose of energizing modern life and delivering a cleaner energy future for all.

Canadian Utilities Limited and its subsidiary and affiliate companies have approximately 8,600 employees and assets of $25 billion. Canadian Utilities, an ATCO company, delivers safe and reliable energy services through its utilities, midstream and generation businesses to customers in Canada, Mexico, Australia, and Puerto Rico. Together, these operations provide essential electricity and natural gas infrastructure, generation and storage solutions that support customers, communities and industry.

Be in-the-know when you’re on-the-go!

CLICK HERE to register your email address.

Copyright © 2026 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

For licensing permission, .(JavaScript must be enabled to view this email address)