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.
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.