Blackstone Acquires Electricity Provider TXNM Energy for $11.5 Billion

Mark Segal | Source: ESGtoday | Posted 05/20/2025

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According to the companies, the transaction will provide significant long-term capital to support the clean energy transition and power growth needs of TXNM’s key markets of New Mexico and Texas.

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Blackstone Infrastructure has announced its agreement to acquire TXNM Energy, an electric utility holding company, for an enterprise value of $11.5 billion. This acquisition aims to provide significant long-term capital to support the clean energy transition and growth needs in Texas and New Mexico, where TXNM Energy serves over 800,000 homes and businesses through its regulated utilities, TNMP and PNM. The deal aligns with PNM's efforts to evolve its generation portfolio to meet clean energy goals and TNMP's commitment to addressing high growth levels in Texas.

In addition to the acquisition, Blackstone will invest $400 million to purchase 8 million newly issued shares of TXNM Energy common stock, further supporting the company's growth plans. Both PNM and TNMP will remain regulated by state and federal commissions and will continue to operate locally. The acquisition has been unanimously approved by TXNM Energy's Board of Directors and is expected to close in the second half of 2026, pending shareholder and regulatory approvals.

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Blackstone Acquires Electricity Provider TXNM Energy for $11.5 Billion

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