Business
Black Hills Corp. and NorthWestern Energy to Combine in All-Stock Merger to Create a Premier Regional Regulated Electric and Natural Gas Utility Company
Increased scale and business line diversity to result in a stronger, more resilient platform to safely, reliably, and cost-effectively meet customers’ rising
About this update from Northwestern Energy Group, Inc.
[{"type":"text","content":"Increased scale and business line diversity to result in a stronger, more resilient platform to safely, reliably, and cost-effectively meet customers’ rising energy needs Merger expected to be accretive to each company’s EPS in the first year following the close of transaction Combined company supports an increased long-term EPS target growth rate of 5% to 7% Contiguous service territory with attractive growth profile expected to provide additional investment opportunities beyond each company’s current capital investment plan Strong and predictable earnings and cash flows with more efficient access to capital to be credit-enhancing and support a high-quality credit profile, an enhanced ability to invest in critical infrastructure, and a strong and growing dividend Veteran leadership team and complementary cultures with shared commitments to safety, reliability, and exceptional customer service provided by a highly skilled workforce Companies to host joint conference call today at 6:30 a.m. MDT / 7:30 a.m. CDT / 8:30 a.m. EDT RAPID CITY, S.D. and BUTTE, Mont. and SIOUX FALLS, S.D., Aug. 19, 2025 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) and NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) today announced that each company’s board of directors has unanimously approved a definitive agreement to combine in an all-stock, tax-free merger that will create a premier regional regulated electric and natural gas utility company with a pro forma market capitalization of approximately $7.8 billion and a combined enterprise value of $15.4 billion, based on each company’s closing stock price as of August 18, 2025. Black Hills Corp. President and CEO, Linn Evans said, “We are excited to bring our two highly complementary companies together to create significant long-term value for customers, employees, shareholders, and the communities we serve. Our future success will be driven equally by the people, assets, and capabilities of both organizations. The combined company will have greater scale and financial strength to consistently deliver for customers across our service territories and invest at the pace and scale that today’s energy transformation demands. Our vision is to be the energy partner of choice for our customers, communities, and investors, and this merger will accelerate our ability to achieve this go...