Blackstone Infrastructure has entered into a definitive agreement to acquire TXNM Energy (NYSE: TXNM) for $61.25 per share in cash, valuing the company at approximately $11.5 billion including net debt and preferred stock. The deal underscores Blackstone’s commitment to long-term infrastructure investment in the evolving energy landscape of New Mexico and Texas.

TXNM Energy, the parent company of utilities PNM and TNMP, will remain locally managed and operated. Current headquarters and workforce in New Mexico and Texas will be retained, along with all union agreements. Customer rates will continue to be regulated at the state level.

As part of the transaction, Blackstone Infrastructure will also invest $400 million in newly issued TXNM shares and support an additional $400 million equity issuance, helping finance TXNM’s expanding infrastructure initiatives.

The deal has received unanimous approval from TXNM Energy’s Board of Directors and is expected to close in the second half of 2026, pending shareholder and regulatory approvals from agencies including the NMPRC, PUCT, and FERC.

Upon completion, Pat Collawn will step down as Executive Chair, with Don Tarry continuing as President and CEO. No additional debt will be issued for the acquisition, and dividends are expected to continue until the transaction closes.