August 19. Utility giant Black Hills Corporation has announced plans to acquire NorthWestern Energy in an all-stock transaction valued at $3.6 billion, marking one of the biggest consolidation moves in the U.S. power sector this year.
The deal, which values NorthWestern shares at roughly $59 each (a 7.66% premium on its last close), comes as utilities rush to scale up infrastructure to meet record-breaking electricity demand fueled by the AI and cryptocurrency boom, alongside rising residential and commercial consumption.
The merger will create a regional electric and natural gas powerhouse with a market capitalization of $7.8 billion and a combined enterprise value of $15.4 billion. Headquarters will be based in Rapid City, South Dakota.
Upon closing expected in 12 to 15 months. NorthWestern CEO Brian Bird will take over as CEO of the new entity, with current CFO Crystal Lail appointed as finance chief. Black Hills CEO Linn Evans will retire after the transaction is completed.
“Together, we will be better positioned to meet rising demand, accelerate investment in energy and grid infrastructure, and support communities through a rapidly evolving energy landscape,” Bird said in a statement.
The new combined company will operate under a fresh name and ticker symbol, underscoring its ambition to become a leading force in the U.S. utility sector.
