Emera to acquire Canadian Utilities in all-share deal, ATCO to spin off industrial services unit
EMA•Emera agreed to acquire Canadian Utilities and ATCO in an all-share deal, creating a utility with about $72 billion in enterprise value. ATCO holders will also receive one share in New ATCO for each ATCO share held.
1. Deal terms
Canadian Utilities is valued at about $14.3 billion. Its Class A holders will receive 0.755 Emera share per share, while Class B holders will receive 0.819 Emera share. ATCO holders will receive 0.865 Emera share per share and one share in New ATCO for each ATCO share held.
2. Combined company plans
The combined group targets a rate base of about $45 billion and roughly 6 million customers. It plans a $32 billion capital plan through 2030, and the deal is targeted to close in the third or fourth quarter of 2027.
