TXNM Energy Acquired by Blackstone | Energy M&A Deal

Blackstone has completed the acquisition of TXNM Energy, a utility services business in New Mexico, for $400 million. TXNM Energy is the parent of Public Service Co. of New Mexico, providing regulated utility services that are central to energy infrastructure and customer supply in NM. Blackstone acquires TXNM Energy to expand its energy M&A footprint through a utility services acquisition and a regulated utility platform in New Mexico. The merger acquisition is part of Blackstone acquisitions led by a private equity acquisition structure, with a proposed $11.5 billion purchase price and a New Mexico Public Regulation Commission review. Regulators are scrutinizing a June 2025 stock issuance of 8 million shares to a Blackstone affiliate as part of the merger acquisition process, with a public evidentiary hearing scheduled for Aug. 17 and a target close in the second half of 2026.