---
schema_version: "secwatch.filing_event.v1"
accession: "0001993004-25-000130"
form_type: "8-K"
ticker: "NWE"
cik: "0001993004"
company_name: "NorthWestern Energy Group, Inc."
filed_at: "2025-08-19T23:59:59+00:00"
generated_at: "2026-05-17T11:35:20.797484+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Black Hills & NorthWestern to merge in all-stock deal; combined EV ~$15.4B

## Summary
- Fixed exchange ratio: 0.98 BKH shares per NWE share; ~4% premium based on March VWAP.
- Combined market cap ~$7.8B; BKH shareholders own ~56%, NWE ~44% on fully diluted basis.
- Expected to close in 12-15 months pending HSR, state (MT, NE, SD, AR) and FERC approvals, plus shareholder votes.
- Brian Bird (NWE CEO) to be CEO of combined company; Linn Evans (BKH CEO) to retire at close.
- Merger expected to be accretive to each company's EPS in first full year; long-term EPS growth target 5-7%.

## SEC filing metadata
- accession: 0001993004-25-000130
- form_type: 8-K
- ticker: NWE
- cik: 0001993004
- company_name: NorthWestern Energy Group, Inc.
- filed_at: 2025-08-19T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1993004/000199300425000130/0001993004-25-000130-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1993004/000199300425000130/nwe-20250819.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001993004-25-000130
- JSON: https://secwatch.observer/filing/0001993004-25-000130.json
- Plain text: https://secwatch.observer/filing/0001993004-25-000130.txt

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