TXNM Energy Shareholders Approve Acquisition by Blackstone Infrastructure.

TXNM Energy shareholders have overwhelmingly approved the acquisition by Blackstone Infrastructure, with 99.6% of votes cast in favor of the deal. Under the terms of the agreement, shareholders will receive $61.25 in cash for each share of common stock held. The acquisition is subject to regulatory approvals from the New Mexico Public Regulation Commission and the Public Utility Commission of Texas.

Albuquerque, N.M., Aug. 28, 2025 -- TXNM Energy (NYSE: TXNM) shareholders have overwhelmingly approved the acquisition by Blackstone Infrastructure, with 99.6% of votes cast in favor of the deal. Under the terms of the agreement, shareholders will receive $61.25 in cash for each share of common stock held. The acquisition is subject to regulatory approvals from the New Mexico Public Regulation Commission and the Public Utility Commission of Texas.

The special shareholders meeting held earlier today saw an impressive 99.6% of the shares voted in favor, representing 88.2% of shares issued and outstanding on the record date. TXNM Energy will report the final vote results in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.

The acquisition agreement includes regulatory approvals being pursued from several agencies, including the New Mexico Public Regulation Commission, Public Utility Commission of Texas, Federal Energy Regulatory Commission, Department of Justice (Hart Scott-Rodino Clearance), Nuclear Regulatory Commission, and Federal Communications Commission. TXNM Energy anticipates that the closing of the acquisition will occur in the second half of 2026, pending the satisfaction or waiver of customary closing conditions, including the receipt of required state and federal regulatory approvals.

About TXNM Energy:
TXNM Energy (NYSE: TXNM), an energy holding company based in Albuquerque, New Mexico, delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. For more information, visit the company's website at www.TXNMEnergy.com.

References:
[1] https://www.morningstar.com/news/pr-newswire/20250828la61559/txnm-energy-shareholders-overwhelmingly-approve-acquisition-by-blackstone-infrastructure
[2] https://www.nasdaq.com/press-release/txnm-energy-shareholders-overwhelmingly-approve-acquisition-blackstone-infrastructure