Black Hills and NorthWestern Energy agreed to combine in an all-stock merger that will create a premier regional regulated electric and natural gas utility company with a market capitalization of $7.8 billion and combined enterprise value of $15.4 billion.
Black Hills is a utility provider that serves 1.35 million natural gas and electric utility customers in eight states.
NorthWestern provides reliable and affordable electricity and natural gas to customers in Montana, South Dakota and Nebraska.
S&C client Goldman Sachs & Co. acted as financial adviser to Black Hills.
The S&C team advising Goldman Sachs includes Steve Kotran, Yaqi Han and Morgan Smiley.