{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-080000","form_type":"8-K","ticker":"BKH","cik":"0001130464","company_name":"BLACK HILLS CORP /SD/","filed_at":"2025-08-19T23:59:59+00:00","discovered_at":"2026-05-14T18:02:43.410421+00:00","generated_at":"2026-05-17T11:20:12.231826+00:00","sec_items":["7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.95,"calibrated_materiality_score":0.95,"confidence":"high","headline":"Black Hills to merge with NorthWestern Energy in all-stock deal valued at ~$7.8B market cap","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-080000","json":"https://secwatch.observer/filing/0001104659-25-080000.json","markdown":"https://secwatch.observer/filing/0001104659-25-080000.md","text":"https://secwatch.observer/filing/0001104659-25-080000.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1130464/000110465925080000/0001104659-25-080000-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1130464/000110465925080000/tm2523729d3_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T11:20:12.231826+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}