The Federal Energy Regulatory Commission (FERC) has approved Blackstone Infrastructure's acquisition of TXNM Energy, a New Mexico-based energy holding company.
Listed on the New York Stock Exchange, TXNM Energy provides electricity to over 800,000 homes and businesses across Texas and New Mexico through its regulated subsidiaries, TNMP and PNM.
The FERC concluded that the acquisition aligns with public interest, finding no substantial evidence that state or federal regulations would be undermined or that customer rates or market competition would suffer. The commission also addressed concerns regarding Blackstone's data center holdings and private equity’s role in public utilities, highlighting adequate ring-fencing protections in both states.
In addition to the FERC’s approval, the acquisition has received the green light from the Federal Communications Commission. The waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act has expired without any objections.
Earlier this month, the Public Utility Commission of Texas (PUCT) approved a settlement backing the acquisition, affirming it serves the public interest. TXNM Energy shareholders previously voted overwhelmingly in favor of the deal in August 2025.
The PUCT's settlement includes provisions for $45 million in rate credits for customers, enhanced governance standards, restrictions on dividend payments, and financial protections such as ring-fencing measures. Moreover, it ensures local management oversight and workforce guarantees, continued funding for TXNM Energy’s five-year capital expenditure program, and commitments to serve Texas communities.
Key parties involved include municipalities served by TNMP, the Office of Public Utility Counsel, PUCT staff, the Texas Energy Association for Marketers, Texas Industrial Energy Consumers, and Walmart.
Federal approval from the Nuclear Regulatory Commission and state consent from the New Mexico Public Regulation Commission are still pending before the deal can finalize.
Blackstone Infrastructure is set to acquire all outstanding shares of TXNM Energy at $61.25 per share in cash, valuing the deal at approximately $11.5 billion on an enterprise basis, including net debt and preferred stock.
TXNM Energy’s subsidiaries have assured that they will maintain regulated service provision under existing oversight. PNM will continue its efforts to meet New Mexico’s clean energy goals while TNMP is expected to increase capital investment due to growth in its service area.
Both utilities have committed to providing safe and reliable power for their customers and will remain under the supervision of state and federal commissions, including the New Mexico Public Regulation Commission and the PUCT.
Blackstone Infrastructure aims to retain the existing local management teams and workforce across TXNM Energy and its subsidiaries, keeping their headquarters in New Mexico and Texas. TXNM Energy, PNM, and TNMP are dedicated to local management and operation, ensuring a commitment to the local workforce.
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