Blackstone Infrastructure will acquire TXNM Energy in an all-cash transaction valued at $11.5 billion, including net debt and preferred stock. Under the terms of the agreement, shareholders will receive $61.25 per share. The deal includes no new debt issuance and will be funded entirely through equity.
TXNM Energy, which operates through subsidiaries PNM and TNMP, supplies electricity to over 800,000 customers across New Mexico and Texas. The company owns and operates assets such as coal-fired power plants, while also developing battery storage as part of the region’s energy transition.
The acquisition is aimed at supporting long-term investments in grid infrastructure and the clean energy transition across both states.
“Our successes at TXNM Energy have stemmed from a deliberate approach to investing in PNM and TNMP in a manner aligned with the priorities of our customers and communities,” said Pat Collawn, Chair and CEO of TXNM Energy. “We are excited to form this long-term partnership with Blackstone Infrastructure to build upon these successes.”
Sean Klimczak, Global Head of Blackstone Infrastructure, added, “We are long-term investors who back industry-leading companies using our perpetual capital to support economic development. We look forward to having the opportunity to engage in meaningful dialogue about how we can create win-win, growth-oriented investments across both states.”
The deal includes a $400 million private placement, with Blackstone purchasing 8 million newly issued shares of TXNM Energy stock at $50 per share. An additional $400 million equity raise is anticipated prior to the closing of the transaction, expected in the second half of 2026.
TXNM Energy has committed to maintaining its current management, workforce, and local headquarters. Regulatory approvals will be required from several bodies, including the New Mexico Public Regulation Commission, Public Utility Commission of Texas, and the Federal Energy Regulatory Commission.
Upon closing, Pat Collawn will step down as Executive Chair, with Don Tarry assuming the role of President and CEO.
The transaction was unanimously approved by TXNM Energy’s Board of Directors and remains subject to shareholder and regulatory approvals.
