Black Hills Corp., a South Dakota–based utility company serving 1.35 million natural gas and electric utility customers in eight states, and NorthWestern Energy Group, a utility company that serves South Dakota, Nebraska and Montana, have been approved to combine in an all-stock merger.
The merger will create a premier regional regulated electric and natural gas utility company with a pro forma market capitalization of approximately $7.8 billion and a combined enterprise value of $15.4 billion, based on each company’s closing stock price as of Aug. 18.
The combined company will serve approximately 2.1 million customers across eight contiguous states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. Its electric utility will serve approximately 700,000 customers and operate approximately 38,000 miles of electric lines and approximately 2.9 gigawatts of owned generation capacity, fueled by a mix of thermal, hydro and wind. Its natural ga
