Emera to buy Canadian Utilities for C$14.3 billion in stock
EMA•Emera said it will buy Canadian Utilities for C$14.3 billion ($10.02 billion) in stock, creating a company with an enterprise value of about C$72 billion. Emera shareholders will own 60% of the combined company, and the deal is expected to close in the third or fourth quarter of 2027.
1. Planned investment
Emera said the deal would support its planned C$32 billion capital program through 2030, with expected annual rate-base growth of 7% to 8%. The combined company will have about 6 million customers and a portfolio of 12 regulated utilities.
2. Deal terms
Canadian Utilities Class A shareholders, excluding ATCO, will receive 0.755 Emera shares for each share held; Class B shareholders will receive 0.819 Emera shares. ATCO, which holds nearly 37% of Canadian Utilities’ outstanding non-voting shares and all its voting shares, will separate into a publicly traded industrial services company. The combined company will operate as Emera and keep its public company headquarters in Halifax.
