TXNM Energy will unwind a $400 million stock transaction with Blackstone Infrastructure Partners in connection with New Mexico regulatory proceedings for a planned sale of the company to Blackstone.

The companies extended the deal's termination date to May 31, 2027, to provide more time to obtain regulatory approvals.

The New Mexico Public Regulation Commission procedural schedule has been paused, pending the filing and review of a report showing compliance with a commission order involving the 2025 transaction.

"We appreciate the NMPRC's careful review of this case and look forward to further demonstrating why this partnership will strengthen the grid, support long-term investment, and deliver meaningful benefits for customers and communities across New Mexico and Texas," TXNM said.

TXNM said it entered into a $400 million term loan in order to unwind the 2025 stock transaction.

On July 2, the regulator ruled that the 2025 stock purchase violated state law. It found that the stock purchase was closely tied to the larger acquisition effort and that state law required the companies to obtain commission approval first.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

July 17, 2026 17:53 ET (21:53 GMT)

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