In a deal that jolts the U.S. energy landscape, Black Hills Corp. and NorthWestern Energy Group Inc. announced Tuesday they will merge in an all-stock transaction carrying a combined enterprise value of $15.4 billion. The agreement, backed by powerhouse legal teams Faegre Drinker Biddle & Reath LLP and Morgan Lewis & Bockius LLP, aims to create what executives call a “premier regional regulated utility.”
The new entity will boast a pro forma market capitalization of $7.8 billion, instantly vaulting it into the upper ranks of mid-cap energy providers.
Serving Millions Across Eight States
Once finalized, the combined company will deliver electricity to nearly 700,000 customers and natural gas to 1.4 million more, spanning Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. In total, 2.1 million customers will fall under the new utility’s umbrella.
“This merger brings together two highly complementary businesses,” said Linn Evans, president and CEO of Black Hills. “It positions us with the scale, financial muscle, and operational reach to deliver reliable service while fueling the investments demanded by today’s energy transition.”
