TXNM Energy, the parent company of Texas New Mexico Power (TNMP), today announced it has entered into an agreement under which Blackstone Infrastructure will acquire TXNM Energy.
The acquisition agreement keeps TNMP headquartered in Texas, retaining local management and employees, while providing financial strength for long-term investment to serve growing electricity demand. TNMP’s union commitments will continue to be honored as part of the transaction. TNMP electric rates will continue to be set by the Public Utility Commission of Texas (PUCT).
Neal Walker, President of TNMP, said the acquisition will help TNMP maintain a reliable, resilient grid during this period of sustained high-demand growth. “This agreement will provide the financial resources necessary to thrive in this rapidly changing energy environment and meet the unprecedented future growth anticipated across Texas.”
The agreement will provide a detailed package of benefits to be developed after a thorough and transparent engagement with stakeholders across Texas.
Blackstone Infrastructure, with its $60 billion of asset under management, is focused on investing behind North American infrastructure platforms and leveraging its scale and expertise to support the growth of its portfolio companies. Blackstone Infrastructure has perpetual capital with no obligation to sell its investments, and is focused on long-term, multi-decade partnerships with the companies and communities in which it invests. Blackstone Infrastructure is an experienced North American utility investor and recognizes the value of long-term investments in critical infrastructure that help communities thrive.
“TNMP has done an excellent job of meeting its customers’ growing demand for electricity and supporting the communities it serves,” said Sean Klimczak, Blackstone’s Global Head of Infrastructure. “We look forward to utilizing our long-term investment commitments to support TNMP as they continue on this path of high-demand growth across Texas.”
Under the terms of the agreement, Blackstone Infrastructure will acquire TXNM Energy for $61.25 per share upon closing, reflecting a total enterprise value of $11.5 billion, including net debt (excluding securitization debt) and preferred stock. TXNM Energy stock would no longer be publicly traded.
The acquisition is subject to review and approval by the PUCT along with regulators in New Mexico and at the federal level. The entire process is expected to be completed in the second half of 2026.
About TNMP
Texas-New Mexico Power (TNMP) is a transmission and distribution utility serving more than 270,000 homes and businesses across Texas. TNMP is committed to providing safe, reliable, and efficient energy while investing in long-term infrastructure improvements to support growing communities.
About Blackstone Infrastructure:
Blackstone Infrastructure is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.
