Stratrix
On the Record · MDU Resources

MDU Resources acquisitions, on the record

The businesses MDU Resources bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.

Deals its annual reports describe

BusinessDealWhenValue
Knife River
Word for word“The decrease in cash used in investing activities in 2023 from 2022 was primarily the result of lower cash used in discontinued operations in the five months of 2023 versus twelve months of 2022, higher proceeds from investments in 2023, and the absence of 2022 plant removal costs at the electric business.” 10-K for 2023
divestiture——
Gain on tax-free exchange of the retained shares in Knife River
Word for word“Gain on tax-free exchange of the retained shares in Knife River — ( 186,556 ) — Changes in current assets and liabilities, net of acquisitions: Receivables ( 30,310 ) 79,111 ( 91,193 ) Inventories 246 ( 21,729 ) 243 Other current assets 80,977 ( 48,492 ) 14,522 Accounts payable ( 443 ) ( 87,209 ) 84,547 Other current liabilities ( 5,252 ) 73,365 ( 26,873 ) Pension and postretirement benefit plan contributions ( 3,000 ) ( 7,643 ) ( 81 ) Other noncurrent changes ( 1,651 ) ( 15,554 ) ( 2,567 ) Net cash provided by continuing operations 411,813 305,333 321,615 Net cash provided by discontinued operations 90,505 27,294 188,449 Net cash provided by operating activities 502,318 332,627 510,064 Investing activities: Capital expenditures ( 522,824 ) ( 484,136 ) ( 442,582 ) Net proceeds from sale or disposition of property 691 260 3 Cost of removal, net of salvage value ( 5,539 ) 1,170 ( 11,779 ) Investments ( 5,155 ) ( 2,423 ) ( 2,571 ) Proceeds from investment cost basis withdrawal 9,000 20,000 — Net cash used in continuing operations ( 523,827 ) ( 465,129 ) ( 456,929 ) Net cash used in discontinued operations ( 28,858 ) ( 75,662 ) ( 181,952 ) Net cash used in investing activities ( 552,685 ) ( 540,791 ) ( 638,881 )” 10-K for 2024
divestiture——
The Company's customer service center
Word for word“Decreased other expenses, including regulatory deferrals, miscellaneous employee expenses, and gain on sale of the Company's customer service center.” 10-K for 2024
divestiture——
49 percent ownership interest in Badger Wind Farm
Word for word“In December 2025, the Company completed the acquisition of a 49 percent undivided ownership interest in Badger Wind Farm for approximately $ 294.0 million, located near Wishek, ND, and placed the asset in service.” 10-K for 2025
acquisitionDecember 2025approximately $ 294.0 million
As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year endedCash paid for acquisitions (net of cash acquired)Goodwill from acquisitions
2016-12-31$0$6.3 million
2017-12-31$0$0
2018-12-31$167.7 million$33.1 million
2019-12-31$55.6 million$23.1 million
2020-12-31$106 million$33.2 million
2021-12-31$2.5 million$50.6 million
2022-12-31$0$238,000
2023-12-31$0—

Deal filings since 2016

Read from MDU Resources’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-20. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.