Blackstone’s $11.5 Billion Power Move: TXNM Energy Acquisition Set to Reshape Southwest Utilities

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Blackstone Infrastructure has announced a landmark agreement to acquire TXNM Energy for $61.25 per share in cash, valuing the deal at a staggering $11.5 billion. The transaction, unanimously approved by TXNM’s board, offers shareholders a 23% premium over the company’s 30-day average price as of early March 2025. Blackstone will fund the acquisition entirely with equity, ensuring TXNM’s current leverage levels remain unchanged.

Key Highlights:

Strategic Investment: Blackstone is making an immediate $400 million private placement in TXNM at $50 per share, with TXNM planning to issue an additional $400 million in equity before closing, fueling growth and grid modernization.
Local Continuity: TXNM, along with subsidiaries PNM and TNMP, will retain local management and headquarters in New Mexico and Texas. Current CEO Don Tarry will continue, while Executive Chair Pat Collawn will step down post-closing.
Customer and Community Focus: Customer rates will remain regulated, and all union labor agreements will be honored. Blackstone’s long-term, patient capital is expected to support critical infrastructure, clean energy transition, and economic development in the region.
Regulatory Path: The deal, set to close in the second half of 2026, is subject to shareholder and multiple regulatory approvals, including from state and federal agencies.

This acquisition marks a major bet on the future of U.S. utilities, positioning Blackstone at the forefront of the Southwest’s energy transformation.

Sources: StockTitan, Blackstone (Press Release), Bloomberg