Bloomsburg
Sign InJoin Now
Merger of equalsAug 18, 2025Pending
🇺🇸 United States

NorthWestern Energy Group, Inc.Black Hills Corporation

Power & Utilities › Electric & Gas Utilities

Deal valueUndisclosed
View SEC filing Save
AnnouncedAug 18, 2025
ConsiderationStock
StructureOne-step merger
RegionNorth America
Cross-borderNo
Contingent paymentNo

Overview

Black Hills Corporation and NorthWestern Energy Group agreed to an all-stock merger in which River Merger Sub Inc. merges into NorthWestern, which becomes a direct subsidiary of Black Hills.

Deal rationale

The companies say the merger creates greater scale, regulatory and market diversity, capital investment opportunities and better positioning for data center and large-load demand.

AI-generated from the SEC filing
PendingPower & Utilities › Electric & Gas UtilitiesUnited StatesNorth America

Timeline

  1. AnnouncedAug 18, 2025

    Imported from prototype record 171, unverified

    Filing
  2. Shareholder vote · ApprovedApr 2, 2026

    Target shareholders approved the deal.

    Filing
  3. Regulatory clearanceApr 29, 2026

    HSR waiting period expired or ended.

    Filing
  4. Regulatory clearanceJul 29, 2026

    Regulatory approval.

    Filing

Valuation and terms

Equity valueUndisclosed
Enterprise valueUndisclosed
ConsiderationStock

Advisors

Buy-side
GSGoldman Sachs
Sell-side
MMizuho (Greenhill)

Parties

Target
NorthWestern Energy Group, Inc.
Headquarters
United States
Ticker
NWE
EDGAR company page
Acquirer
Black Hills Corporation
Headquarters
United States
Ticker
—