NorthWestern Energy Group Inc. Acquisition by Black Hills Corp.
On August 19, 2025, Black Hills Corp. announced its agreement to acquire NorthWestern Energy Group Inc. in an all-stock transaction valued at approximately $3.6 billion. This acquisition is set to create a significant regional utility company, combining Black Hills’ and NorthWestern Energy’s operations to form a new entity with an enterprise value of $15.4 billion and a pro forma market capitalization of about $7.8 billion.
The merger aims to establish a robust regional regulated natural gas utility company, enhancing the combined entity’s ability to invest in grid infrastructure and meet the increasing demand for electricity and natural gas in the United States. This strategic move is part of a broader trend among U.S. utilities to expand and strengthen their capabilities in response to rising energy consumption.
NorthWestern Energy Group Inc., based in Sioux Falls, operates in the utilities sector, specifically within the multi-utilities industry. The company generates and distributes electricity and natural gas to residential, commercial, and industrial customers across South Dakota, Nebraska, and Montana. As of August 17, 2025, NorthWestern Energy’s stock was trading at $54.93, with a 52-week high of $59.89 and a low of $50.43. The company’s market capitalization stood at $3.44 billion, with a price-to-earnings ratio of 15.133.
In addition to the acquisition news, there are ongoing shareholder investigations involving NorthWestern Energy Group Inc. The Ademi Firm and Halper Sadeh LLC are both investigating potential violations of federal securities laws and breaches of fiduciary duties related to the company’s sale to Black Hills. These investigations are being conducted on behalf of shareholders, highlighting concerns over the transaction’s terms and implications.
Overall, the acquisition of NorthWestern Energy Group Inc. by Black Hills Corp. represents a significant development in the utilities sector, positioning the combined entity to better address the growing energy needs in the region.