Emera and Canadian Utilities agree C$72bn merger in biggest all-Canadian deal ever

Canadian utility companies Emera and Canadian Utilities said on Tuesday they would merge in a merger of equals with a pro forma enterprise value of about C$72 billion (US$50.46 billion), which the companies say will be the largest merger in history between two Canadian companies.

Emera shareholders are expected to own about 60% of the merged entity, with Canadian Utilities shareholders holding the remaining 40%. The combined company will operate under the Emera name and keep its public company headquarters in Halifax, while maintaining Canadian Utilities’ corporate and operational headquarters in Calgary and Edmonton.

The deal will create a Top 20 North American utility with approximately C$45 billion in rate base and about six million customers across Canada, the United States and international markets, according to the companies’ joint statement, which also included ATCO, the controlling shareholder of Canadian Utilities.

The companies say the combined business will have greater financial strength and investment capacity to support growing energy and infrastructure needs, including electrification projects, major natural gas and electric transmission investments and large load customers. The transaction is expected to close in the third or fourth quarter of 2027.

Why it matters

The merger combines two of Canada’s largest regulated utilities at a time when electricity demand is rising on the back of data centres, electrification and industrial growth. A C$72bn enterprise value makes it the biggest all-Canadian merger on record, and the combined group says its scale will help fund capital-intensive grid and gas infrastructure across Alberta, Florida and beyond.