Black Hills and NorthWestern Energy shareholders approve merger

Shareholders of Black Hills Corp. (NYSE: BKH) and NorthWestern Energy Group Inc. (NASDAQ: NWE) voted to approve an all-stock merger proposal at special meetings held April 2, 2026, according to a company statement.

The approval represents a milestone toward completing the transaction announced August 19, 2025. Upon closing, the companies will combine to form Bright Horizon Energy Corporation, creating a regulated energy company serving customers across eight states.

"Shareholder approval underscores the compelling strategic rationale of this merger," said Linn Evans, president and CEO of Black Hills Corp. "Together, we will have enhanced scale, financial strength, and growth opportunities to support safe, reliable, and affordable energy service."

Brian Bird, president and CEO of NorthWestern Energy, said the transaction brings together two complementary utilities and positions the combined company to deliver value to customers, shareholders, and communities.

The merger remains subject to federal regulatory approvals from Hart-Scott-Rodino and the Federal Energy Regulatory Commission, as well as state approvals from Montana, Nebraska, and South Dakota. Other customary closing conditions must also be satisfied.

The companies expect the transaction to close in the second half of 2026.

Black Hills Corp. serves 1.35 million natural gas and electric customers in Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. NorthWestern Energy provides electricity and natural gas to approximately 850,300 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park.

Detailed shareholder voting results will be disclosed in Form 8-K filings with the Securities and Exchange Commission by each company.

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