May 19 (Reuters) - Blackstone's infrastructure unit will acquire TXNM Energy in a $11.5 billion deal, including debt, the utility firm said on Monday.

Reuters reported last week that Blackstone was in talks to buy the New Mexico and Texas-focused utility, citing people familiar with the matter.

Blackstone, which manages $60 billion in infrastructure assets, is betting that stable, regulated returns and high capital needs in grid modernization make TXNM a long-term investment fit.

The deal values TXNM at $61.25 per share, representing a nearly 15% premium based on the stock's last close, according to LSEG data.

TXNM Energy shares jumped 9.2% in premarket trading.

The transaction is expected to close in the second half of 2026.