Alternative asset manager Blackstone announced an agreement by Blackstone Infrastructure to acquire electric utility holding company TXNM energy, in a deal valuing the company at an enterprise value of $11.5 billion.
According to the companies, the transaction will provide significant long-term capital to support the clean energy transition and power growth needs of TXNM’s key markets of New Mexico and Texas.
TXNM Energy delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM, respectively.
The company said that the transaction comes as PNM is supporting the evolution of its generation portfolio to meet New Mexico’s clean energy goals, and is identifying opportunities to achieve the energy transition in a cost-effective manner for customers, while TNMP continues to invest in meeting nation-leading growth levels in Texas.
Pat Collawn, Chair and CEO of TXNM Energy, said:
“We’ve integrated new resources to supply over two-thirds of PNM electricity needs with carbon-free energy and supported double-digit demand growth at TNMP. We are excited to form this long-term partnership with Blackstone Infrastructure to build upon these successes. We will continue to collaborate with customers, communities, legislators and regulators to achieve our shared goals for a reliable, resilient grid to support economic prosperity and clean energy.”
In addition to the acquisition, Blackstone said that it is also investing $400 million to purchase 8 million newly issued shares of TXNM Energy common stock, to support the company’s growth plans. PNM and TNMP will continue to be regulated by the state and federal commissions, and will remain locally managed and operated, with headquarters in New Mexico and Texas.
Sean Klimczak, Global Head of Blackstone Infrastructure, said:
“We are long-term investors who back industry-leading companies using our perpetual capital to support economic development. We are focused on being great long-term partners to the communities in which we invest, and 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 acquisition was unanimously approved by TXNM Energy’s Board of Directors and is estimated to close in the second half of 2026, subject to shareholder and regulatory approvals.
