Blackstone Infrastructure to buy utility firm TXNM for $11.5bn

(Sharecast News) - Shares in TXNM Energy were on the rise on Monday after Blackstone Infrastructure announced plans to buy the New Mexico-based electricity provider for $11.5bn. The agreement will see Blackstone take over TXNM, and its subsidiaries PNM and TNMP, for $61.25 a share in cash, a 16% premium to Friday's closing price of $52.88 and a 23% premium to its 30-day volume-weighted average price.

Blackstone, which has $60 billion of assets under management, is funding the purchase price entirely with equity.

The deal has been unanimously approved by TXNM's board and is expected to close in the second half of 2026, subject to shareholder and regulatory approvals.

"Our successes at TXNM Energy have stemmed from a deliberate approach to investing in PNM and TNMP in a manner aligned with the priorities of our customers and communities," said Pat Collawn, TXNM's chair and chief executive.

"We've integrated new resources to supply over two-thirds of PNM electricity needs with carbon-free energy and supported double-digit demand growth at TNMP. We are excited to form this long-term partnership with Blackstone Infrastructure to build upon these successes."

The stock was up 7.3% at $56.73 by 1116 ET.