TXNM Energy has entered into a definitive agreement to be acquired by Blackstone Infrastructure for $61.25 per share in cash, valuing the company at approximately $11.5 billion, including net debt and preferred stock. The agreement includes a private placement of 8 million newly issued shares at $50 per share, amounting to $400 million, with an additional $400 million equity issuance expected before closing. The transaction is funded entirely with equity, with no new debt added to TXNM’s balance sheet. Sean Klimczak, Global Head of Blackstone Infrastructure, stated, “We are excited to partner with Pat, Don and their fantastic team to accelerate growth at TXNM, and across New Mexico and Texas.”
TXNM Energy, through its subsidiaries PNM and TNMP, will remain locally managed and continue operating from its headquarters in New Mexico and Texas. Blackstone Infrastructure has committed to supporting TXNM Energy’s capital investment programs and workforce while maintaining a strong local presence. TXNM plans to retain its employees and uphold existing labor agreements. The acquisition supports TXNM’s focus on critical electricity infrastructure and long-term energy goals. Blackstone’s investment will enable continued growth in New Mexico and Texas while ensuring regulated operations and customer service remain priorities across both service territories.
