Blackstone Acquires TXNM Energy: $11.5B Deal
- Blackstone Infrastructure Partners has agreed to acquire TXNM Energy in an all-equity deal valued at $11.5 billion, or $61.25 per share.
- The agreement includes a $400 million investment from Blackstone through a private placement of eight million newly issued shares at $50 each, expected to be completed in June.
- Post-acquisition,TXNM Energy,along with its subsidiaries PNM and TNMP,will continue to operate with local management.
Blackstone Infrastructure makes a massive move, agreeing to acquire TXNM Energy for $11.5 billion in an all-equity deal, a significant development in the primarykeyword landscape. This translates to $61.25 per share, a 23% premium over the recent trading average, signaling a strong vote of confidence.The secondarykeyword plans include a private placement from Blackstone and additional equity issuance from TXNM Energy. Despite the acquisition, TXNM Energy, along with its subsidiaries PNM and TNMP, will maintain local management and operations, with headquarters remaining in New Mexico and Texas. News Directory 3 keeps you informed on pivotal shifts within the energy sector. With regulatory approvals pending, the deal’s expected completion is slated for the latter half of 2026. Discover what’s next for this ample infrastructure merger.
Blackstone Infrastructure to Acquire TXNM Energy in $11.5B Deal
Updated May 26, 2025
Blackstone Infrastructure Partners has agreed to acquire TXNM Energy in an all-equity deal valued at $11.5 billion, or $61.25 per share. This acquisition represents a 23% premium over TXNM’s 30-day volume-weighted average price as of March 5, 2025.
The agreement includes a $400 million investment from Blackstone through a private placement of eight million newly issued shares at $50 each, expected to be completed in June. TXNM Energy will also issue an additional $400 million in equity before the transaction closes. The energy sector deal is contingent upon regulatory and shareholder approvals and is anticipated to close in the latter half of 2026.
Post-acquisition,TXNM Energy,along with its subsidiaries PNM and TNMP,will continue to operate with local management. Headquarters will remain in New Mexico and Texas. don Tarry will stay on as CEO. Pat Collawn will step down from her role as Executive Chair upon the deal’s completion. The infrastructure company will maintain its existing leverage levels, funded entirely by equity.
Wells Fargo is the led financial advisor for TXNM energy,with Citi also serving as a financial advisor. Troutman Pepper Locke LLP is the legal advisor. Blackstone Infrastructure’s lead financial advisor is RBC Capital Markets, LLC, with J.P. Morgan as another financial advisor. Kirkland & Ellis LLP is providing legal counsel.
What’s next
The acquisition is expected to enhance TXNM Energy’s ability to invest in and deliver reliable energy services across its service territories.