Blackstone Infrastructure agreed to acquire TXNM Energy in an all-cash transaction valued at about $11.5 billion including net debt, offering $61.25 per share, a 23% premium to the company’s 30-day VWAP.
The deal will support investment in electricity infrastructure through TXNM subsidiaries PNM and TNMP, and is expected to close in the second half of 2026, subject to shareholder and regulatory approvals.