TXNM Energy to be Acquired by Blackstone Infrastructure for $11.5 Billion
Deal News | May 19, 2025 | Blackstone
TXNM Energy, the New Mexico-based energy company, has announced an agreement to be acquired by Blackstone Infrastructure in a deal valued at $11.5 billion. This includes a purchase price of $61.25 per share, representing a 23% premium compared to its recent market value. TXNM Energy, through its subsidiaries PNM and TNMP, addresses the electricity infrastructure needs in New Mexico and Texas, with a commitment to clean energy transitions. The acquisition by Blackstone Infrastructure aims to provide long-term capital investment and support the company’s strategies while maintaining local management, workforce, and community commitments. This transaction, funded entirely through equity, has been approved by TXNM’s Board of Directors and is expected to close by the second half of 2026, pending shareholder and regulatory approvals. Blackstone’s strategic move aims at fostering growth across New Mexico and Texas through sustainable infrastructure investments.
Sectors
- Energy
- Infrastructure
Geography
- United States – TXNM Energy is based in New Mexico and serves areas in Texas, while Blackstone Infrastructure operates within North America, highlighting the domestic nature of the transaction.
- New Mexico and Texas – These are the primary operational areas for TXNM Energy and its subsidiaries, PNM and TNMP, pivotal in the clean energy and infrastructure contexts.
Industry
- Energy – TXNM Energy operates in the energy sector, focusing on electricity infrastructure and implementing clean energy solutions.
- Infrastructure – Blackstone Infrastructure invests in large-scale infrastructure assets including those in energy, demonstrating its relevance to the industry involved in the acquisition.
Financials
- $11.5 billion – Total enterprise value of the acquisition including net debt and preferred stock.
- $61.25 per share – Price per share that shareholders will receive in cash upon closing.
- $400 million – Additional equity investment by Blackstone through newly issued shares of TXNM Energy.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TXNM Energy | Target | Company | An energy holding company serving New Mexico and Texas through its subsidiaries, focused on clean energy initiatives. |
| Blackstone Infrastructure | Bidding Company | Company | A Private Equity (PE) firm engaged in investing in infrastructure projects primarily in North America. |
| PNM | Subsidiary | Company | A subsidiary of TXNM focused on electricity needs and clean energy transitions in New Mexico. |
| TNMP | Subsidiary | Company | A subsidiary of TXNM catering to the electricity distribution in Texas. |
| Wells Fargo | Financial Advisor | Company | Serves as the lead financial advisor to TXNM Energy. |
| Citi | Financial Advisor | Company | Acts as a financial advisor to TXNM Energy. |
| Troutman Pepper Locke LLP | Legal Advisor | Company | Provides legal advisory services to TXNM Energy. |
| RBC Capital Markets, LLC | Lead Financial Advisor | Company | Lead financial advisor to Blackstone Infrastructure. |
| J.P. Morgan | Financial Advisor | Company | Serves as a financial advisor to Blackstone Infrastructure. |
| Kirkland & Ellis LLP | Legal Advisor | Company | Provides legal advisory services to Blackstone Infrastructure. |