Blackstone Infrastructure is set to acquire TXNM Energy, an energy holding company based in Albuquerque, in a deal valuing the company at $11.5 billion.
The enterprise value includes net debt (excluding securitization debt) and preferred stock. Shareholders will receive $61.25 per share in cash upon closing.
TXNM Energy, through its subsidiaries PNM and TNMP, is focused on meeting the critical electricity infrastructure needs of its customers. Following the acquisition, PNM and TNMP will continue to prioritize cost-effective solutions to provide safe, reliable power to meet customer needs across New Mexico and Texas. PNM and TNMP will continue to be regulated by the state and federal commissions, including the New Mexico Public Regulation Commission and the Public Utility Commission of Texas, after the transaction closes. TXNM Energy, PNM and TNMP also will remain locally managed and operated, with headquarters in New Mexico and Texas.
Although Pat Collawn will
