secwatch.observer — SEC 8-K summary
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Issuer:     BLACK HILLS CORP /SD/ (BKH)
CIK:        0001130464
Form:       8-K
Filed at:   2025-08-19T23:59:59+00:00
Accession:  0001104659-25-080000
Event type: m_and_a
Sentiment:  positive
Materiality: 0.95
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1130464/000110465925080000/0001104659-25-080000-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1130464/000110465925080000/tm2523729d3_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-080000

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer