Emera to buy Canadian Utilities to create $72B energy 'powerhouse'
Emera has announced an agreement to acquire Canadian Utilities to form a $72 billion energy infrastructure company. The deal involves spinning off Atco's industrial services into a separate public entity while maintaining operations in both Halifax and Calgary.
Why it matters
This merger represents a significant consolidation in the North American energy sector, impacting infrastructure development and regional utility management.
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.
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