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Black Hills to Buy Utility Firm NorthWestern Energy for $3.6 Billion

Business & Policy
August 19, 2025

(Reuters) – Utility company Black Hills said on Tuesday it would buy peer NorthWestern Energy Group for $3.6 billion.

The all-stock deal, which has an enterprise value of $15.4 billion, would create a regional regulated natural gas utility company with a pro forma market capitalization of roughly $7.8 billion.

The per-share value of about $59 implies a premium of 7.66% to NorthWestern’s last close, according to Reuters calculation.

NorthWestern shareholders will receive 0.98 shares of Black Hills for each held. Black Hills stockholders would own roughly 56% of the company after the deal closes, which is expected in 12 to 15 months.

Reporting by Vallari Srivastava in Bengaluru; Editing by Shilpi Majumdar