Emera Inc. will acquire all outstanding shares of Canadian Utilities Limited and ATCO Ltd. under a court-approved plan of arrangement, in an all-share merger of equals announced October 6, 2026. The release values the Canadian Utilities shares at approximately $14.3 billion and puts the combined company's pro forma enterprise value at approximately $72 billion. Canadian Utilities Class A holders other than ATCO receive 0.755 of an Emera share, Class B holders 0.819, and ATCO holders 0.865 of an Emera share plus one New ATCO share per ATCO share. New ATCO, a new Calgary-based public company covering housing, defence and investments including ports and retail energy, will be spun out of ATCO. Emera shareholders are expected to own approximately 60 percent of the combined company and former ATCO and Canadian Utilities shareholders approximately 40 percent. The deal is ongoing: it needs securityholder, court and regulatory approvals, with special meetings expected in early 2027 and closing expected in the third or fourth quarter of 2027. Sentgraf Enterprises Ltd., ATCO's controlling shareholder, has signed a voting support agreement. Osler, Hoskin & Harcourt LLP is legal adviser to Emera. Blake, Cassels & Graydon LLP is legal adviser to ATCO, and Felesky Flynn LLP is Canadian tax counsel to ATCO. Stikeman Elliott LLP advises the Canadian Utilities special committee and Norton Rose Fulbright Canada LLP advises the ATCO special committee.