NorthWestern Energy and Black Hills Corp. to Combine

On Tuesday, August 19, 2025, NorthWestern Energy announced they have entered into an agreement to merge with Black Hills. The combination will create a premier regional regulated electric and natural gas utility company serving approximately 2.1 million customers across eight contiguous states – Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming.

Creating this multi-state utility platform will offer benefits for all stakeholders. Indeed, NorthWestern and Black Hills are even stronger together.

• Increased investment to support safe, reliable, cost-effective energy: The combined company will have greater scale and financial strength to meet rising demand, accelerate investment in energy and grid infrastructure, and continue to safely and reliably support customers and communities through a rapidly evolving energy landscape.
• Benefits that reach more customers and deliver more value: Customers will further benefit from extending shared best practices across the combined service territory. Over time, the company is confident process improvements, complementary systems, and coordinated operations will create operating and cost optimization that will support continued investment in safety, reliability, and customer service, and deliver long-term value for customers.
• Employer of choice: As a larger and stronger organization, the combined company will have an enhanced ability to retain, attract, and develop employees, including opportunities for career advancement. They will continue to offer attractive salaries and incentive programs as well as robust, comprehensive benefits programs.
• Strong work force with local teams serving local customers: Each of the combined company’s utilities and their customers will continue to be supported locally by a strong team of highly skilled, passionate, and dedicated employees. The combined company will continue to be staffed and structured to meet the needs of its growing customer base. As they work to integrate the two companies, customers will benefit from the combined best practices, knowledge, and skills of both utilities.
• Ongoing community support: In addition to maintaining a strong local workforce, both companies have long-standing reputations as excellent corporate citizens, and the combined company will maintain support for civic and philanthropic organizations across its combined service area. Their commitment to giving back to their communities through volunteering and local community support will be supported by a larger company.
• Veteran leadership: The leadership of the combined company will reflect the strengths and capabilities of both companies. Upon closing of the transaction, Brian Bird, NorthWestern’s CEO, will serve as Chief Executive Officer of the combined company; Marne Jones, Black Hills’ Senior Vice President and Chief Utility Officer, will serve as Chief Operating Officer; Crystal Lail, NorthWestern’s Chief Financial Officer, will serve as Chief Financial Officer; and Kimberly Nooney, Black Hills’ Senior Vice President and Chief Financial Officer, will serve as Chief Integration Officer. Linn Evans will continue serving as Chief Executive Officer of Black Hills through the close of the transaction, at which point he will retire.
• Shared values: NorthWestern and Black Hills’ values both emphasize safety, respect, value creation, and integrity. The companies are confident that their closely aligned cultures and skilled workforces will enable them to successfully bring the companies together.

Following the close of the transaction, the combined company will be headquartered in Rapid City, South Dakota, where Black Hills is currently headquartered, and will maintain a strong operational and leadership presence throughout the combined service territory, consistent with the practices of each company now.

While NorthWestern Energy believes there are many things to look forward to by joining with Black Hills, today’s announcement is just the first step toward bringing the companies together. There are many months before the merger is complete, which is expected to occur in the next 12 to 15 months, subject to customary closing conditions and approvals.