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Blackstone in Talks to Acquire TXNM Energy Amid Energy Sector Shifts

Word on the StreetMonday, May 12, 2025 1:04 pm ET

1min read

Blackstone Group, a prominent asset management company, is in discussions to acquire TXNM Energy, a public utility company focused on operations in New Mexico and Texas. The talks are being conducted by Blackstone Infrastructure Partners, the infrastructure investment arm of Blackstone Group. According to a source familiar with the matter, the negotiations are ongoing, but the outcome is uncertain as the situation remains fluid.

The source, who requested anonymity due to the confidential nature of the discussions, noted that while progress is being made, there is no guarantee that a deal will be finalized. The source also mentioned that the structure of the potential agreement is still under discussion.

TXNM Energy, headquartered in Albuquerque, New Mexico, provides electricity to approximately 800,000 households and businesses across New Mexico and Texas. The company, formerly known as PNM Resources, had previously agreed to be acquired by Avangrid in 2020. However, the deal was terminated three years later due to regulatory opposition.

This potential acquisition by Blackstone Group comes at a time when the energy sector is undergoing significant changes, driven by factors such as the transition to renewable energy sources and the need for infrastructure modernization. The acquisition, if successful, would add to Blackstone's growing portfolio of infrastructure investments, which includes assets in various sectors such as energy, transportation, and telecommunications.

The potential acquisition of TXNM Energy by Blackstone Group highlights the increasing interest of private equity firms in the energy sector. As traditional energy companies face challenges such as regulatory scrutiny and the need to invest in new technologies, private equity firms see opportunities to acquire and transform these companies. The acquisition of TXNM Energy by Blackstone Group, if successful, would be a significant move in this direction, and could have implications for the broader energy sector.

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