---
schema_version: "secwatch.filing_event.v1"
accession: "0001993004-25-000143"
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: "2026-05-17T11:35:59.689077+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# NorthWestern (NWE) and Black Hills (BKH) sign all-stock merger; NWE shareholders get 0.98 BKH share

## Summary
- All-stock merger: each NWE share receives 0.98 BKH share; combined company NewCo to be based in Rapid City, SD.
- Brian Bird (NWE CEO) becomes CEO of NewCo; Black Hills CEO Linden Evans to retire post-closing.
- NewCo board: 11 members – 6 from Black Hills (including chair), 5 from NorthWestern.
- Conditions: shareholder votes, FERC and state utility approvals, HSR clearance; termination fee $100M.
- All restricted stock vests at closing; performance RSUs convert to time-based on greater of target/actual.

## SEC filing metadata
- accession: 0001993004-25-000143
- 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: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 5.02, 5.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1993004/000199300425000143/0001993004-25-000143-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1993004/000199300425000143/nwe-20250818.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001993004-25-000143
- JSON: https://secwatch.observer/filing/0001993004-25-000143.json
- Plain text: https://secwatch.observer/filing/0001993004-25-000143.txt

## Key facts
- Governance Changes
  NorthWestern Energy Group, Inc.: Added new exclusive forum provision (Section 7.7) designating Delaware courts for certain legal actions (effective 2025-08-18).
  - Change: bylaw amendment
  - Effective: 2025-08-18
  source text: adds a new Section 7.7, which designates the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the Superior Court of the State of Delaware or, if such court does not have jurisdiction, the federal district court for the District of Delaware) as the sole and exclusive forum for certain specified legal actions involving NorthWestern
  evidence_url: https://www.sec.gov/Archives/edgar/data/1993004/000199300425000143/0001993004-25-000143-index.htm

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