M&A · Energy · Electric & Other Services Combined
Black Hills Corp to acquire NorthWestern Energy Group, Inc.
Announced Aug 19, 2025 · Pending Feb 6, 2026
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Black Hills Corp (BKH)
- Target
- NorthWestern Energy Group, Inc. (NWE)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Pending Feb 6, 2026
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Greenhill
Sector context · Energy
- Comparable deals
- 39 in the prior 24 months
- Premium
- Sector median 19.0%
- EV / Adj. EBITDA
- Sector median 8.5x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedAug 19, 2025
- Proxy filedFeb 6, 2026
- Definitive proxyFeb 6, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$57.47$70.58
Discounted cash flowGoldman Sachs$57.91$68.81
Discounted cash flowGoldman Sachs$61.45$74.00
Future share priceGoldman Sachs$57.39$66.44
Future share priceGoldman Sachs$53.68$61.99
Analyst price targetsGreenhill$56.00$69.00
Analyst price targetsGreenhill$57.00$76.00
Implied value per NorthWestern Energy Group, Inc. share by analysis, from Goldman Sachs and Greenhill · DCF discount rate 6%–6.75%.