Blackstone Infrastructure To Acquire TXNM Energy In $11.5B Deal

Blackstone Inc.’s (BX) infrastructure unit is set to acquire TXNM Energy (TXNM), a New Mexico-based energy holding company, for $61.25 per share in cash, implying an enterprise value of $11.5 billion, including net debt and preferred stock. Shares of TXNM surged nearly 9% in Monday’s pre-market session following the announcement.

The purchase price represents a 23% premium to TXNM Energy’s unaffected 30-day volume-weighted average price (VWAP) as of March 5, 2025.

TXNM delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM.

Blackstone Infrastructure will also invest $400 million by purchasing eight million newly issued shares of TXNM Energy common stock at $50 per share through a private placement, to support the company’s growth plans.

TXNM said that dividends payable to its shareholders are expected to continue through the transaction's closing, subject to board approval. The transaction is expected to close in the second half of 2026.

Following the transaction, TXNM Energy, PNM, and TNMP will remain locally managed and operated with headquarters in New Mexico and Texas. The company said it will retain employees and honor all labor union agreements.

The acquisition is being funded entirely through equity, and Blackstone Infrastructure does not expect increasing TXNM Energy leverage levels to finance the deal.

Blackstone Infrastructure has announced a slew of acquisitions over the past few months. Recently, funds managed by the company completed the acquisition of Safe Harbor Marinas, the largest marina and superyacht servicing business in the United States, from Sun Communities, Inc. (SUI) for $5.65 billion.

In March, Blackstone announced that its infrastructure strategy for individual investors would acquire a 22% stake in AGS Airports from AviAlliance for £235 million ($314.55 million).

Blackstone shares traded nearly 2% lower in Monday’s pre-market session. The stock declined over 15% in 2025 but has gained nearly 17% in the past 12 months.

TXNM shares gained over 8% in 2025 and over 37% in the past 12 months.

Also See: James Hardie Q4 Earnings Preview: Demand Outlook, AZEK Deal In Focus — Retail’s Bullish

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