TXNM Energy Announces Acquisition by Blackstone Infrastructure
Deal News | May 19, 2025 | Troutman Pepper Locke, LLP
Troutman Pepper Locke, a prominent legal advisory firm, has advised TXNM Energy, Inc., on a significant transaction with Blackstone Infrastructure. TXNM Energy, through its subsidiaries PNM and TNMP, provides power solutions across New Mexico and Texas. The acquisition agreement is valued at $11.5 billion, with Blackstone Infrastructure also committing $400 million in purchasing newly issued TXNM Energy shares to facilitate industry expansion. Troutman Pepper Locke's accomplished multidisciplinary team, known for handling strategic deals for major corporations, played a crucial role in this transaction. Founded on robust practices in energy and corporate law, the firm provides comprehensive services that span mergers and acquisitions, corporate finance, and regulatory matters.
Sectors
- Energy
- Private Equity
- Legal Services
Geography
- United States – The transaction involves TXNM Energy, which operates in New Mexico and Texas, and Blackstone Infrastructure, an important player in the U.S. market.
Industry
- Energy – Focus on providing safe and reliable power solutions in New Mexico and Texas.
- Private Equity – Involvement of Blackstone Infrastructure in the acquisition of TXNM Energy.
- Legal Services – Troutman Pepper Locke provides legal advisory for the transaction.
Financials
- $11.5 billion – Total enterprise value of the acquisition deal.
- $61.25 per share – Cash value per share offered by Blackstone.
- $400 million – Investment by Blackstone Infrastructure through the purchase of newly issued shares.
- 8 million shares – Number of newly issued TXNM Energy common stock shares purchased by Blackstone at $50 per share.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TXNM Energy, Inc. | Target Company | Companies | An energy company providing power solutions in New Mexico and Texas. |
| Blackstone Infrastructure | Bidding Company | Companies | A private equity firm acquiring TXNM Energy to expand its energy investments. |
| Troutman Pepper Locke LLP | Legal Advisor | Companies | A legal firm advising TXNM Energy on its acquisition by Blackstone Infrastructure. |