Blackstone Angles for Energy in New Mexico with PNM Takeover
Deal News | Jun 29, 2025 | EIN
Blackstone Inc., one of the world’s largest private equity firms, has announced its plans to take over Public Service Company of New Mexico and its parent company TXNM Energy. This acquisition effort is occurring as the firm navigates existing controversies in New Mexico, including a push into hydrogen projects and a past scandal involving child labor. Tallgrass Energy, a Blackstone-backed company, has shifted its strategy from hydrogen pipelines to natural gas pipelines amid funding and public skepticism. Furthermore, Blackstone's recent proposals are facing scrutiny from consumer advocates and state regulators. These developments come as Blackstone looks to bolster its energy portfolio and initiative into AI data centers, showing a commitment to expanding its footprint in the state's power sector despite its controversial track record.
Sectors
- Energy
- Private Equity
Geography
- United States – The entire context of the article is based in the United States, focusing specifically on Blackstone's operations in New Mexico and energy projects in Texas and across various U.S. states.
- New Mexico – The focus of Blackstone's acquisition and related controversies is centered on the state of New Mexico, involving local utilities and regional energy projects.
Industry
- Energy – The article discusses Blackstone's involvement in the energy sector, particularly its attempts to acquire an electric utility company and its ventures into hydrogen energy projects.
- Private Equity – The article centers on Blackstone Inc., a prominent private equity firm, and its investment strategy in acquiring energy assets and companies.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Blackstone Inc. | Bidding Company | Company | Blackstone Inc. is one of the world's largest private equity firms, looking to acquire PNM and TXNM Energy to expand its energy sector reach. |
| Public Service Company of New Mexico (PNM) | Target Company | Company | PNM is the largest electric utility in New Mexico, sought after by Blackstone for acquisition. |
| TXNM Energy | Target Company | Company | Parent company of PNM and also targeted by Blackstone in their acquisition bid. |
| Tallgrass Energy | Energy Project Developer | Company | A Blackstone-backed company involved in hydrogen and natural gas energy projects in New Mexico. |
| Stephen Schwarzman | Chairman and CEO of Blackstone | Person | Stephen Schwarzman is the co-founder and leader of Blackstone Inc. |
| Sean Klimczak | Global Head of Infrastructure at Blackstone | Person | Sean Klimczak oversees infrastructure investments and is involved in the acquisition efforts of PNM. |