Black Hills and NorthWestern Energy Merger of Equals

Black Hills Corp. and NorthWestern Energy Group have received shareholder approval for their proposed all-stock merger. The companies will combine to form Bright Horizon Energy Corporation, a regional regulated energy company serving customers across eight states.

The merger remains subject to federal regulatory approvals including Hart-Scott-Rodino and FERC, plus state approvals in Montana, Nebraska, and South Dakota. The companies continue to expect closing in the second half of 2026. Black Hills CEO Linn Evans and NorthWestern CEO Brian Bird cited scale, financial strength, and long-term value creation as key rationale for the transaction.