Black Hills to merge with NorthWestern Energy in all-stock deal valued at ~$7.8B market cap

BLACK HILLS CORP /SD/

All-stock merger; NorthWestern shareholders receive 0.98 shares of Black Hills per share; Black Hills shareholders own ~56% of combined company.
Combined pro forma market cap ~$7.8B, enterprise value ~$15.4B; serves ~2.1M customers across 8 states.
Combined rate base ~$11.4B ($7.0B electric, $4.4B gas); 2025-2029 investment plan exceeds $7B.
Accretive to each company’s EPS in first year; long-term EPS growth target raised to 5%-7%.
Brian Bird (NWE CEO) to lead combined company as CEO; Linn Evans (BKH CEO) retires at close.

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