Blackstone Infrastructure has reached an agreement to acquire TXNM Energy, an electric utility holding company, in a deal that values TXNM at $11.5 billion. The acquisition is aimed at accelerating the clean energy transition and meeting growing power demand in Texas and New Mexico.
TXNM Energy serves more than 800,000 customers through its regulated utilities—Texas-based TNMP and PNM in New Mexico. The company has been actively aligning with New Mexico’s clean energy goals while managing rapid demand increases in Texas.
TXNM Chair and CEO Pat Collawn highlighted the company’s progress in advancing clean energy. “We’ve integrated resources to supply more than two-thirds of PNM’s electricity with carbon-free energy and supported double-digit demand growth at TNMP,” Collawn said. “Our new partnership with Blackstone will help us build on this progress.”
As part of the transaction, Blackstone will inject an additional $400 million by purchasing 8 million newly issued TXNM shares to support the company’s expansion. TXNM’s utilities will continue to be managed locally and regulated at state and federal levels.
Blackstone Infrastructure’s Global Head, Sean Klimczak, emphasized the firm’s long-term commitment to sustainable investment. “We’re committed to investing in infrastructure that supports economic development and clean energy, and we look forward to working closely with local communities,” Klimczak said.
The acquisition positions TXNM Energy for significant growth in an era of increasing energy demand and climate-conscious policy shifts. Texas, with its booming population and industrial growth, is expected to require substantial infrastructure investments to meet future consumption. Meanwhile, New Mexico’s clean energy targets will likely drive further investments in renewable generation.
Blackstone’s extensive financial resources may enable TXNM to modernize the grid, expand clean energy adoption, and enhance reliability. However, regulatory approvals will be a critical hurdle before the deal can be finalized. Given the increasing scrutiny over utility acquisitions, stakeholders will closely monitor how Blackstone balances economic interests with sustainability commitments.
The deal is unanimously approved by TXNM’s board and is expected to close in the second half of 2026, pending shareholder and regulatory approvals.