A multi-billion dollar merger is happening between two utility companies who serve Nebraska.

Black Hills Corp. and NorthWestern Energy are joining forces to create what they call a premier regional regulated electric and natural gas utility company.

The merger will be all-stock and tax-free creating a company that will have a projected market value of almost $8 billion and a combined enterprise value of more than $15 billion, according to a news release.

Combined, the company will serve more than two million customers across eight states, including Nebraska.

“We are excited to bring our two highly complementary companies together to create significant long-term value for customers, employees, shareholders, and the communities we serve,” Black Hills Corp. President and CEO, Linn Evans said in a news release. “Our future success will be driven equally by the people, assets, and capabilities of both organizations.”

The merger will double the size of each company's rate base to over $11 billion dollars total.

“Together, we will be better positioned to meet rising demand, accelerate investment in energy and grid infrastructure, and support customers and communities through a rapidly evolving energy landscape,” NorthWestern Energy President and CEO, Brian Bird said in a news release. “NorthWestern and Black Hills are best-in-class operators, and we are confident that our closely aligned cultures and skilled workforces will enable us to successfully bring the companies together.”

The headquarters for the new company will be in Rapid City, South Dakota. There will be 11 board members, six from Black Hills and five from NorthWestern.

The companies said the transaction is expected to close in 12-15 months, pending approvals.

The name of the combined company is unknown and will be determined prior to closing.