Blackstone Infrastructure to Acquire TXNM Energy in $11.5B All-Equity Deal 

Blackstone Infrastructure has agreed to acquire TXNM Energy for $61.25 per share in cash, valuing the enterprise at $11.5 billion. This price reflects a 23% premium over TXNM’s 30-day volume-weighted average price (VWAP) as of March 5, 2025. The acquisition will be fully funded with equity, preserving TXNM’s existing leverage levels. 

Under the deal, Blackstone will invest $400 million through a private placement of eight million newly issued shares at $50 per share, slated for completion in June. TXNM Energy will also issue an additional $400 million in equity prior to the transaction’s close. The deal, pending regulatory and shareholder approvals, is expected to finalize in the second half of 2026. 

Following the acquisition, TXNM Energy and its subsidiaries, PNM and TNMP, will retain local management and operations, with headquarters staying in New Mexico and Texas. Don Tarry will continue as CEO, while Pat Collawn will step down as Executive Chair upon closing. 

Wells Fargo is serving as lead financial advisor, Citi is also serving as a financial advisor, and Troutman Pepper Locke LLP is serving as legal advisor to TXNM Energy. RBC Capital Markets, LLC is serving as lead financial advisor and J.P. Morgan is also serving as a financial advisor to Blackstone Infrastructure. Kirkland & Ellis LLP is serving as legal advisor to Blackstone Infrastructure.