Blackstone's $11.5 Billion TXNM Energy Acquisition Nears Final Approvals
Blackstone Infrastructure has agreed to acquire TXNM Energy for nearly $11.5 billion in cash, including debt. The acquisition marks one of the largest energy sector deals in recent years. Regulatory approvals are now the final hurdle before completion.
TXNM Energy, previously known as PNM Resources, has expanded significantly over the past five years. Between 2021 and 2026, the company added 630 MW of renewable capacity in New Mexico, upgraded its transmission network, and aimed for 50% renewable energy by 2025. During this period, its regulated customer base grew by 12%, reaching over 800,000, while $2.5 billion was invested in modernising the grid to meet rising demand from data centres and electrification.
The Federal Energy Regulatory Commission (FERC) has already approved the acquisition. In its decision, FERC confirmed that the deal aligns with public interest. No objections have been raised by antitrust officials, as the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired.
However, two key approvals remain outstanding. The acquisition still requires clearance from the Nuclear Regulatory Commission and the New Mexico Public Regulation Commission. Once secured, the acquisition is expected to close in the second half of 2023.
The $11.5 billion acquisition will see TXNM Energy transition to Blackstone Infrastructure ownership. With most regulatory hurdles cleared, the focus now shifts to the remaining state and federal approvals. If completed, the acquisition will further consolidate Blackstone's presence in the US energy sector.
