As of May 19, 2025, it was announced that Blackstone Infrastructure will acquire utility company TXNM in a $11.5 billion deal, including debt, as the firm bets on rising US electricity demand and a shift to cleaner energy sources. [1] As of early March, the deal valued TXNM at $61.25 per share, representing a 23% premium to TXNM Energy’s unaffected 30-day volume-weighted average price (VWAP). Blackstone, with $60 billion of assets, is betting that stable, regulated returns and high capital needs in grid modernization make TXNM a long-term investment fit. Blackstone is also investing $400 million through the purchase of 8 million newly issued shares of TXNM Energy common stock at $50 per share, by way of a private placement agreement, in order to support TXNM’s growth plans. The deal requires regulatory approvals from the New Mexico Public Regulation Commission (NMPRC), Public Utility Commission of Texas (PUCT), the Federal Energy Regulatory Commission (FERC), the Department of Justice, the Nuclear Regulatory Commission, and the Federal Communications Commission.
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