Blackstone Infrastructure to Acquire TXNM Energy

By Greg Peters • Monday, May 19 15:24 • Permanent Link

TXNM Energy, the energy holding company based in Albuquerque, New Mexico, has announced an agreement under which Blackstone Infrastructure will acquire TXNM Energy for $61.25 per share in cash upon closing. This reflects a total enterprise value of $11.5 billion, including net debt and preferred stock. The purchase price of $61.25 per share represents a 23.0% premium to TXNM Energy’s unaffected 30-day volume weighted average price (VWAP) as of March 5, 2025.

TXNM Energy, through its subsidiaries PNM and TNMP, is focused on meeting the critical electricity infrastructure needs of its customers. PNM is supporting the evolution of its generation portfolio to meet New Mexico’s clean energy goals, while TNMP has consistently increased its annual capital investments to meet sustained nation-leading growth levels in its Texas service territory.

Blackstone Infrastructure, with its $60 billion of assets under management, is funding the purchase price entirely with equity and does not anticipate increasing TXNM Energy leverage levels to fund the purchase of the company.

The transaction, which was unanimously approved by TXNM Energy’s board of directors, is estimated to close in the second half of 2026, subject to TXNM Energy shareholder approval, regulatory approvals, and other customary closing conditions.

Upon closing of the transaction, Pat Collawn will step down as executive chair, and Don Tarry will oversee the continuing operations of TXNM Energy as president and CEO.

TXNM Energy will issue an additional $400 million of equity prior to closing of the transaction and expects dividends payable to TXNM Energy shareholders to continue through the closing of the transaction, subject to approval by the TXNM Energy board of directors.

The company will discuss this announcement during a live conference call and audio webcast on Monday, May 19th at 12 p.m. Eastern.

As a result of the equity to be issued as part of the transaction, TXNM Energy is not affirming its previously issued 2025 ongoing earnings guidance and does not plan to issue revised earnings guidance during the pending transaction. Today the company's shares have moved 6.89% to a price of $56.525. For more information, read the company's full 8-K submission here.

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