Blackstone (bx) Acquires Txnm Energy For $11.5 Billion

On May 19, Blackstone Inc.’s (NYSE:BX) infrastructure unit announced the acquisition of utility company TXNM Energy Inc. (NYSE:TXNM). Blackstone has agreed to pay $61.25 per share (a 23% premium) in cash, which implies a total enterprise value of $11.5 billion. TXNM Energy operates two electric utilities in New Mexico and Texas through its subsidiaries PNM and TNMP, serving around 800,000 homes and businesses. After necessary approvals, the deal is expected to close in the second half of 2026. Bloomberg had earlier reported a potential for an agreement, and talks over a potential deal were ongoing, with KKR & Co. also being a suitor for TXNM.

Bloomberg noted that the deal is evidence that power demand in the US is expanding for the good, after many years of stagnation. The change is coming due to the construction of new facilities such as data centers and the increasing electrification of the economy. It also mentioned other recent deals, such as a $12 billion deal by NRG Energy Inc. (NYSE:NRG) and Constellation Energy Corp.’s (NASDAQ:CEG) acquisition of Calpine Corp. for $16.4 billion, to highlight a better environment for such deals.

Blackstone Inc.’s (NYSE:BX) is the world’s largest alternative asset manager, with over $1 trillion in assets under management (AUM). Within that, Blackstone Infrastructure has $60 billion of AUM and focuses on long-term investments in North American infrastructure platforms.

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