Black Hills Corp. and NorthWestern Energy to merge in all-stock deal

Black Hills Corp. and NorthWestern Energy Group have agreed to combine in an all-stock, tax-free merger, creating a utility with a pro forma market capitalization of approximately $7.8 billion and enterprise value of $15.4 billion.

“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.”ir.blackhillscorp.com

• 1 source
• ir.blackhillscorp.comBlack Hills Corp. and NorthWestern Energy to Combine in All-Stock Merger to Create a Premier Regional Regulated Electric and Natural Gas Utility Company | Black Hills Service Company, LLCAug 19, 2025

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