Black Hills Plans $3.6B All-Stock Acquisition of NorthWestern Energy

Utility company Black Hills Corp. has agreed to acquire NorthWestern Energy Group in a $3.6 billion all-stock, tax-free merger that will create a premier regional regulated electric and natural gas utility company. The combined entity will have a pro forma market capitalization of approximately $7.8 billion and a combined enterprise value of $15.4 billion. NorthWestern shareholders will receive 0.98 shares of Black Hills for each share held, with Black Hills stockholders owning roughly 56% of the new company. The merger is expected to be accretive to earnings per share in the first year and supports a long-term EPS growth target of 5% to 7%. The companies emphasize that the increased scale, business line diversity, and contiguous service territories will create a stronger, more resilient platform to meet rising energy needs safely and cost-effectively. Leadership from both companies highlights the combined focus on safety, reliability, customer service, and investment in critical infrastructure.