LINCOLN, Neb. (KOLN) - Black Hills Energy and NorthWestern Energy announced Tuesday plans to merge their companies to create a regional regulated electric and natural gas utility company.

Each company’s board of directors unanimously approved a definitive agreement to combine in an all-stock, tax-free merger. The transaction is expected to close in 12 to 15 months and a new company name will be announced then.

Brian Bird, President and CEO of NorthWestern, will serve as CEO of the combined company, which will be headquartered in Rapid City, South Dakota. Linn Evans, President and CEO of Black Hills, will retire once the transaction is completed.

The combined company’s 11-member board of directors will include six directors designated by Black Hills, and five directors designated by Nort

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