---
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"
generated_at: "2026-05-17T11:20:12.231826+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-080000
- JSON: https://secwatch.observer/filing/0001104659-25-080000.json
- Plain text: https://secwatch.observer/filing/0001104659-25-080000.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.