Blackstone Infrastructure plans to acquire US utility company TXNM Energy for $11.5 billion.
TXNM Energy provides electricity to 800,000 homes and businesses in New Mexico and Texas, through its regulated utilities TNMP in Texas and PNM in New Mexico.
“Our successes at TXNM Energy have stemmed from a deliberate approach to investing in PNM and TNMP in a manner aligned with the priorities of our customers and communities,” said Pat Collawn, chair and CEO of TXNM Energy.
“We’ve integrated new resources to supply over two-thirds of PNM electricity needs with carbon-free energy and supported double-digit demand growth at TNMP. We are excited to form this long-term partnership with Blackstone Infrastructure to build upon these successes.”
Collawn will step down upon closing of the transaction, currently expected in the second half of 2026, and will be succeeded by insider Don Tarry.
Blackstone will invest $400 million through the purchase of eight million newly issued TXNM shares.
“We are long-term investors who back industry-leading companies using our perpetual capital to support economic development,” Sean Klimczak, global head of Blackstone Infrastructure, said.
Across several funds, Blackstone is a major data center backer – at a time where AI facilities are causing record utility demand.
Most notably, Blackstone Infrastructure Partners and Blackstone Real Estate Income Trust (BREIT) jointly own QTS Realty Trust.
