Black Hills Corp. and NorthWestern Energy Shareholders Approve Merger Proposals

The all-stock merger will create Bright Horizon Energy Corporation, a premier regional regulated energy company.

Apr. 2, 2026 at 4:39pm

Got story updates? Submit your updates here. ›

Black Hills Corp. and NorthWestern Energy announced that shareholders of each company voted to approve the proposed all-stock merger and other related shareholder proposals at their Special Shareholder Meetings. The shareholder approvals represent a significant milestone toward the completion of the transaction, which was announced on Aug. 19, 2025. Upon closing of the merger, the two companies will combine to form Bright Horizon Energy Corporation, a premier regional regulated energy company serving customers across eight states.

Why it matters

The merger will create a larger, more financially stable utility company with enhanced scale, growth opportunities, and the ability to provide safe, reliable, and affordable energy service to customers across the region. It also represents further consolidation in the regulated utility industry as companies seek to gain efficiencies and better serve their communities.

The details

Under the terms of the merger agreement, NorthWestern Energy shareholders will receive 0.5856 shares of Black Hills common stock for each share of NorthWestern Energy common stock they own. The combined company will have approximately 1.35 million natural gas and electric utility customers across eight states. The merger remains subject to the receipt of required federal and state regulatory approvals and the satisfaction of other customary closing conditions. The companies continue to expect the transaction to close in the second half of 2026.

  • On August 19, 2025, Black Hills Corp. and NorthWestern Energy announced the proposed merger.
  • On April 2, 2026, shareholders of both companies voted to approve the merger proposals at their Special Shareholder Meetings.

The players

Black Hills Corp.

A customer-focused, growth-oriented utility company serving 1.35 million natural gas and electric utility customers in eight states.

NorthWestern Energy

A utility company that provides electricity and/or natural gas to approximately 850,300 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park.

Bright Horizon Energy Corporation

The new company that will be formed upon the completion of the merger between Black Hills Corp. and NorthWestern Energy.

Linn Evans

President and CEO of Black Hills Corp.

Brian Bird

President and CEO of NorthWestern Energy.

Got photos? Submit your photos here. ›

What they’re saying

“Shareholder approval underscores the compelling strategic rationale of this merger. Together, we will have enhanced scale, financial strength, and growth opportunities to support safe, reliable, and affordable energy service.”

— Linn Evans, President and CEO of Black Hills Corp.

“We appreciate the overwhelming support of our shareholders. This transaction will bring together two highly complementary utilities and positions the combined company to deliver long‑term value to customers, shareholders, and the communities we serve.”

— Brian Bird, President and CEO of NorthWestern Energy

What’s next

The merger remains subject to the receipt of required federal (Hart-Scott-Rodino and FERC) and state (Montana, Nebraska, and South Dakota) regulatory approvals and the satisfaction of other customary closing conditions. The companies continue to expect the transaction to close in the second half of 2026.

The takeaway

The shareholder approval of the Black Hills-NorthWestern Energy merger represents a significant milestone in the creation of a larger, more financially stable utility company that will be better positioned to serve customers across the region with safe, reliable, and affordable energy. The combined company's enhanced scale, growth opportunities, and focus on community values are expected to benefit stakeholders in the long run.