New Mexico investor-owned utility TXNM Energy on May 19 announced an agreement under which Blackstone Infrastructure will acquire TXNM Energy for $61.25 per share in cash upon closing, reflecting a total enterprise value of $11.5 billion, including net debt (excluding securitization debt) and preferred stock.
TXNM Energy’s subsidiaries are PNM and TNMP.
Blackstone Infrastructure said it intends to support TXNM Energy’s long-standing commitments to its customers, employees and communities, including:
The transaction was unanimously approved by TXNM Energy’s Board of Directors and is estimated to close in the second half of 2026, subject to TXNM Energy shareholder approval, regulatory approvals and other customary closing conditions.
Regulatory approvals are required from the NMPRC, PUCT, Federal Energy Regulatory Commission, Department of Justice (Hart Scott-Rodino Clearance), Nuclear Regulatory Commission and Federal Communications Commission.
