CHEYENNE – Black Hills Energy and NorthWestern Energy officials announced Tuesday that the two South Dakota-based companies plan to combine in an all-stock, tax-free merger.

According to a Black Hills Energy news release, each company’s board of directors hopes the merger will create a “premier regional regulated electric and natural gas utility company.”

If the merger is approved, the new company is expected have a combined enterprise value of $15.4 billion and would serve just over 2 million customers in Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming.

Black Hills Energy President and CEO Linn Evans said the two companies have been discussing the merger for about 20 years.

“These are interesting times in the energy business, as we see rising costs across

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