# 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.

- Type: Acquisition
- Announced: 2025-08-19
- Where: United States
- Value: $15.4B
- Status: announced
- Products: electric and natural gas utility services
- Sectors: [Power Generation Equipment](https://endata.com/sectors/power-generation-equipment.md)

## Companies

- [NorthWestern Energy](https://endata.com/companies/47165.md) (target)
- [Black Hills Corp.](https://endata.com/companies/86696.md) (acquirer)

## Sources

- [ir.blackhillscorp.com](https://ir.blackhillscorp.com/news-releases/news-release-details/black-hills-corp-and-northwestern-energy-combine-all-stock/), 2025-08-19: "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."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.