Blackstone to acquire TXNM Energy for $11.5 billion to capitalize on rising power demand

From Yahoo Finance: 2025-05-19 06:38:00

Blackstone Infrastructure to acquire TXNM Energy in an $11.5 billion deal, aiming to capitalize on U.S. electricity demand and a shift to cleaner energy sources. TXNM shares surge 8.3% to $57.29. U.S. power demand set to hit record highs in 2025, attracting more investments in utilities like NRG Energy’s $12 billion deal with LS Power. Blackstone sees TXNM as a long-term investment due to stable returns and grid modernization needs. Despite some analysts’ reservations, the deal is expected to close in the second half of 2026 pending regulatory approval from six entities including the NMPRC. Investor focus is on successful deal completion following Avangrid’s failed acquisition of PNM Resources last year due to regulatory hurdles. NMPRC had cited risks outweighing benefits in rejecting the Avangrid-PNM deal. TXNM Energy serves 800,000 homes and businesses in New Mexico and Texas.

Read more: Blackstone bets on soaring power demand with $11.5 billion TXNM Energy deal