Blackstone to Acquire TXNM Energy in $11.5 Billion Deal
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.
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