The proposed merger between Black Hills Corp. and NorthWestern Energy Group, Inc. leaves one major regulatory hurdle: the Montana Public Service Commission. If the deal receives final approval and completes, Black Hills will be renamed Bright Horizon Energy Corporation, and its New York Stock Exchange ticker will change from BKH to HZN. NorthWestern Energy will become a wholly owned subsidiary of the new entity.
The announcement, dated October 22, 2026, clarifies that no shareholder action is required for the transition. Until the merger is completed, Black Hills Corp. shares will continue trading on the NYSE under the symbol BKH, and NorthWestern Energy shares will remain on the Nasdaq under the symbol NWE. The companies stated that trading under the new name and symbol is expected only after the merger closes.
The proposed merger has already secured approvals from the shareholders of both companies, as well as regulatory commissions in Nebraska and South Dakota. The Federal Energy Regulatory Commission has also granted approval, and the transaction received clearance under the Hart-Scott-Rodino Act. Despite these clearances, satisfactory final regulatory approval by the Montana Public Service Commission is still pending.
Black Hills Corp., based in Rapid City, South Dakota, serves 1.37 million natural gas and electric utility customers across eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. NorthWestern Energy serves approximately 850,300 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. Its operations in Montana and Yellowstone are conducted through its subsidiary NW Corp, while operations in South Dakota and Nebraska are handled by NWE Public Service.
The companies included forward-looking statements regarding the planned name change and exchange listing. They noted that there is no assurance that regulatory approvals will be obtained on the expected timeline or at all. Risks cited include potential delays in consummating the transaction, conditions imposed by regulators that were not anticipated, and the possibility that projected synergies may not be realized within the expected period. Additional factors mentioned include business disruption during the pendency of the deal, reputational risks, and the potential for the transaction to cost more than anticipated.
The disclosure also references risks associated with third-party contracts containing consent provisions triggered by the transaction, as well as legislative and regulatory changes affecting their businesses. Management distraction and challenges in retaining key personnel during the merger process were also listed as potential risks. The companies disclaimed any obligation to update these forward-looking statements except as required by federal securities laws.
This disclosure serves as informational material and does not constitute an offer to buy or sell securities or a solicitation of any vote.