Two major Canadian utility companies are joining forces in a deal that could create a C$72 billion energy and infrastructure powerhouse.

Halifax-based Emera and Calgary-based Canadian Utilities have reached a merger agreement that would create a company with approximately C$72 billion in enterprise value, C$45 billion in rate base and about six million customers across Canada, the United States and other international markets.

The combined company will operate under the Emera name, with its public headquarters remaining in Halifax while maintaining major corporate and operational offices in Calgary and Edmonton.

The companies plan to execute a C$32 billion capital investment program through 2030, targeting electricity transmission, electrification, energy security and other major infrastructure requirements. The merger is expected to create one of North America's top 20 utilities.

As part of the transaction, ATCO will separate its industrial-services operations into a new publicly traded company called New ATCO, focused on areas including housing, defence and infrastructure investments.

The transaction still requires shareholder, court and regulatory approvals, with completion expected in the third or fourth quarter of 2027. Until then, the companies will continue operating independently.