Black Hills, NorthWestern Strike $15.4B All-Stock Merger

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What Comes Next

The merger is expected to close within 12 to 15 months, pending regulatory approvals, including scrutiny from state commissions and the Federal Energy Regulatory Commission. A new name and ticker symbol will be announced before the closing.

The deal signals one of the most significant moves in the utility sector in recent years, as companies scramble to meet surging demand, modernize aging infrastructure, and pivot toward a cleaner, more sustainable energy mix.