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TXNM Energy to be acquired by Blackstone Infrastructure for $61.25 per share

TXNM Energy (TXNM) today announced an agreement under which Blackstone Infrastructure (BX) will acquire TXNM Energy for $61.25 per share in cash upon closing, reflecting a total enterprise value of $11.5B, including net debt and preferred stock. Blackstone Infrastructure is funding the purchase price entirely with equity and does not anticipate increasing TXNM Energy leverage levels to fund the purchase of the company. The purchase price of $61.25 per share represents a 23% premium to TXNM Energy’s unaffected 30-day volume weighted average price as of March 5, the day prior to an article reporting a developing acquisition for TXNM Energy. Blackstone Infrastructure is also investing $400M through the purchase of 8M newly issued shares of TXNM Energy common stock at $50 per share, by way of a private placement agreement, to support TXNM Energy’s growth plans. This issuance is expected to be completed in June. To support the funding of TXNM’s industry-leading growth rates, TXNM Energy expects to issue an additional $400M of equity prior to closing of the transaction. The transaction is funded through equity and assumption of existing debt, and no incremental debt will be issued as a result of the transaction. Dividends payable to TXNM Energy shareholders are expected to continue through the closing of the transaction, subject to approval by the TXNM Energy board of directors. The transaction was unanimously approved by TXNM Energy’s board of directors and is estimated to close in the second half of 2026, subject to TXNM Energy shareholder approval, regulatory approvals and other customary closing conditions. Regulatory approvals are required from the NMPRC, PUCT, Federal Energy Regulatory Commission, Department of Justice, Nuclear Regulatory Commission and Federal Communications Commission.

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