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Emera Incorporated entered an October 6, 2026 Arrangement Agreement with ATCO Ltd., Canadian Utilities Limited and 2856571 Alberta Ltd. to acquire all ATCO and Canadian Utilities Shares for Emera Shares, following a spin-out of assets to SpinCo, under Section 192 of the CBCA.
Emera agreed on October 6, 2026 to acquire all ATCO Shares and the Canadian Utilities Shares not held by ATCO in exchange for Emera Shares; ATCO will spin out its industrial services business to SpinCo. Termination fees are $432 million, $634 million, and $720 million.
Emera and Canadian Utilities agreed to merge as equals, creating approximately $72 billion in enterprise value, approximately $45 billion in rate base and approximately six million customers; closing is expected in the third or fourth quarter of 2027.
