NorthWestern Moves $0.67 Dividend Payment to Dec. 1 Amid Merger

NorthWestern Energy Group moved its $0.67 quarterly dividend payment to Dec. 1 and advanced the record date to Nov. 17, aligning the schedule with its pending merger with Black Hills.

The board declared the dividend Nov. 4. The new dates replace a previous schedule of Dec. 31 for payment and Dec. 15 for the record date. The record date determines which shareholders qualify for the distribution.

The announcement provides new details about dividend treatment around the proposed merger, under coordination provisions already set out in the merger agreement. The outcome depends on when the deal closes relative to Nov. 17.

A closing before the Nov. 17 record date would exchange each NorthWestern common share for 0.98 Black Hills shares, with cash replacing any fractional share. Former NorthWestern shareholders must become Bright Horizon Energy Corporation shareholders and be on its books Nov. 17 to qualify for a separate $0.703-per-share Bright Horizon dividend declared by Black Hills on Oct. 28.

A closing after Nov. 17 would leave shareholders of record on that date eligible for NorthWestern’s Dec. 1 payment of $0.67 per share. The merger remains subject to final, satisfactory approval from the Montana Public Service Commission, and no closing date has been announced.

NorthWestern raised its quarterly dividend to $0.67 per share in February, a 1.5% increase. The revised dividend schedule adds details to the proposed Black Hills merger.