TXNM Energy — regulated utility serving 800,000+ customers in Texas and New Mexico (PNM and TNMP subsidiaries)
Blackstone acquires TXNM Energy at $61.25/share (23% premium to VWAP). PNM committed to emissions-free by 2040. $175M NM customer benefits + $45.5M TX rate credits. FERC approved Feb 2026. Blackstone manages $85B in data centers globally — raises utility-data center conflict concerns. Palo Verde nuclear stake included.
$11.50B
Deal Value
3,000MW
Capacity
Solar + Storage
Technology
NM, TX
Location
Deal Details
- Deal Type
- Corporate M&A
- Buyer / Financier
- Blackstone Infrastructure
- Deal Value
- $11.5B
- Stage
- Operating
- ISO/RTO
- ERCOT, WECC
- Source
- Blackstone
Capital Structure
$11.5B
Total transaction value
Tranches
- Common Equity (Private Placement) · Blackstone Infrastructure (8M new TXNM shares at $50/share)
- $400M
Service Providers
Advisory & Legal
- Seller Counsel
- Troutman Pepper Locke
- Seller Financial Advisor
- Wells Fargo, Citi
- Buyer Counsel
- Kirkland & Ellis
- Buyer Financial Advisor
- RBC Capital Markets, J.P. Morgan
- Financial Advisor
- Wells Fargo, Citi, RBC Capital Markets, J.P. Morgan
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