Shares of TXNM Energy (NYSE: TXNM) surged 9.2% after the company announced it has agreed to be acquired by Blackstone Infrastructure (NYSE: BX) in a deal valuing TXNM Energy at $61.25 per share in cash. The transaction implies a total enterprise value of $11.5 billion, including net debt and preferred stock.
The offer price represents a 23% premium over TXNM Energy’s unaffected 30-day volume-weighted average price as of March 5, 2025.
TXNM Energy, through its subsidiaries PNM and TNMP, plays a vital role in electricity infrastructure across New Mexico and Texas. The company has been actively investing in infrastructure projects to facilitate the transition to clean energy in New Mexico and to support growth in Texas.
Blackstone Infrastructure, managing $60 billion in assets and with a strong track record in North American utilities, will also invest an additional $400 million through the purchase of newly issued TXNM Energy common stock to bolster the company’s expansion plans. This equity investment is expected to close in June 2025.
The acquisition, which involves the assumption of existing debt without increasing leverage, is anticipated to finalize in the second half of 2026, subject to shareholder and regulatory approvals.
Upon completion, Pat Collawn will step down as Executive Chair, with Don Tarry stepping in as President and CEO to lead TXNM Energy’s continued operations.
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