Black Hills Files Pro Forma Financials for NorthWestern Merger, Revealing $4.4B Deal Value
BKH sits 26% above its 52-week low of $58.06.
Summary
Black Hills filed pro forma financials for its pending merger with NorthWestern Energy, revealing a $4.4 billion all-stock deal value, pro forma combined revenue of $2.124 billion for H1 2026, and pro forma EPS of $1.89. The filing also updates regulatory progress, with closing expected by year-end 2026.
Key Events · M&A and Partnerships · BKH
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Pro Forma Financials Filed
Black Hills filed pro forma combined financial statements for the NorthWestern merger, showing estimated merger consideration of $4.4 billion, pro forma combined revenue of $2.124 billion for H1 2026, and pro forma EPS of $1.89.
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Deal Value Quantified
The filing reveals the all-stock merger values NorthWestern at approximately $4.4 billion, based on 62 million NorthWestern shares outstanding and an exchange ratio of 0.98 Black Hills shares per NorthWestern share.
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Goodwill and Balance Sheet Impact
Pro forma total assets are $21.151 billion, with estimated goodwill of $1.811 billion. A 10% change in Black Hills stock price would move goodwill by roughly $440 million.
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Regulatory Update
The Montana Public Service Commission hearing was held in May 2026 and a final order is awaited. The transaction is anticipated to close by year-end 2026, subject to remaining conditions.
Analysis · BKH · Energy & Transportation
Black Hills filed pro forma combined financial statements for its pending all-stock merger with NorthWestern Energy, quantifying the deal's impact for the first time. The filing shows estimated merger consideration of $4.4 billion, pro forma combined revenue of $2.124 billion for the first half of 2026, and pro forma EPS of $1.89. The pro forma balance sheet reflects total assets of $21.151 billion and goodwill of $1.811 billion. The filing also provides a regulatory update: the Montana Public Service Commission hearing was held in May 2026 and a final order is awaited, with closing anticipated by year-end 2026. This is a material update because it gives investors concrete financial metrics for the combined entity, which were previously only described qualitatively.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 29.2% of the 1496 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BKH was trading at $73.39 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.6B. The 52-week trading range was $58.06 to $78.69. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.