TXNM Energy, the parent company of Public Service Company of New Mexico (PNM), has entered into a definitive agreement to be acquired by Blackstone Infrastructure, a business unit of Blackstone Inc., run by CEO Stephen A. Schwarzman. This landmark $11.5 billion transaction will significantly shape New Mexico’s energy landscape. Blackstone is the largest private equity firm in the world. Under the deal, TXNM shareholders will receive $61.25 per share in cash, with the purchase funded entirely through equity and existing debt.
PNM, a cornerstone of New Mexico’s energy infrastructure and a subsidiary of TXNM Energy, currently serves over 550,000 customers across the state. Known for its role in transitioning New Mexico toward “clean energy,” PNM has committed to “carbon-free electricity” under the state’s burdensome Energy Transition Act and has already achieved supplying over two-thirds of its power from carbon-free sources. TXNM’s other major subsidiary, Texas-New Mexico Power (TNMP), provides electricity to more than 260,000 customers in Texas and has experienced double-digit demand growth in recent years.
“This transaction gives us the long-term capital we need to continue investing in a clean, resilient grid that supports economic prosperity in New Mexico,” said Pat Collawn, Chair and CEO of TXNM Energy. “Blackstone Infrastructure shares our commitment to customer-focused investment and will be a true partner as we navigate the energy transition.”
Blackstone Infrastructure, with $60 billion in assets under management, specializes in long-term investments in critical infrastructure sectors. The firm’s approach, characterized by “patient capital,” means it has no obligation to sell its assets within a defined time frame, positioning it well to support the sustained growth of energy systems in New Mexico and Texas.
Crucially, the acquisition comes with key assurances for New Mexico customers and workers. PNM will remain headquartered in Albuquerque, and local management will continue to lead operations. All current employees will be retained, and existing labor agreements with the International Brotherhood of Electrical Workers (IBEW) will be honored.
Electricity rates for customers will still be determined by the New Mexico Public Regulation Commission (NMPRC), preserving regulatory oversight. Additionally, Blackstone and TXNM Energy have pledged to engage stakeholders and develop a detailed package of customer and community benefits, to be outlined in filings later this year.
TXNM Energy has also emphasized that it will continue economic and charitable outreach across New Mexico, including support for tribal and pueblo communities. These commitments align with the company’s current community-focused ethos, which Blackstone has vowed to uphold.
Sean Klimczak, Global Head of Blackstone Infrastructure, noted, “We are long-term partners committed to helping New Mexico grow. We look forward to working with TXNM’s leadership and the communities they serve to deliver on shared goals of grid modernization and clean energy reliability.”
The deal includes a $400 million private placement investment by Blackstone, with an additional $400 million in equity to be raised before the transaction closes. TXNM expects the acquisition to finalize in the second half of 2026, pending shareholder and regulatory approvals, including from the NMPRC, the Federal Energy Regulatory Commission, and the U.S. Department of Justice.
Upon closing, current CEO Don Tarry will lead TXNM Energy, while Pat Collawn will retire from her role as Executive Chair.
With this acquisition, Blackstone Infrastructure positions itself as a long-term steward of New Mexico’s energy future—providing capital, continuity, and a commitment to a cleaner grid for the Land of Enchantment.
stand by for rate increases to the moon. the people of NM are treated like trash.
It’s the plan. New Mexico government is selling us out slowly but surely.
EXACTLY — and ‘green’ energy is a scam that will ultimately fail
How and why is our energy for sale….
what is the benefit of selling PNM? Who says Blackstone is not tied into the CCP? They are a world company and have investors needs above the citizens of NM.
As Mike stated, they are an investment firm dedicated to its investors. In short, they are out to make as much $$$ as they can and how will they do that? Surely not to keep electric rates as low as possible. I would speculate there is also a money trail also leading to the Round House…Why would an investment firm home based in New York City give two shits about NM and its citizens………..
That’s a great question Ed. This whole deal smells like s*it!
NM residents get back-doored again…. Wonder how much of the buyout price gets forwarded to the Loserjan regime.. If PNM would invest in solar panels, and wind powered machines that weren’t those oversized, environmental disasters that cost $12,000,000 apiece, maybe,just maybe New Mexico could actually produce electricity, (and sell electricity to other states).
“Clean energy” was a sellout phrase that the Loserjan regime used to line her pockets.
A buyout by Xcel Energy, which owns utilities in bordering Colorado and Texas, would be better than a PE firm. A PE firm will bleed TXNM dry before selling it for a profit 3-4 years down the road. Same thing that happened to NMGas.
Xcel Energy would have brought new ideas to PNM with a better engineering team. PNM’s grid is deplorable and now we will be stuck with the “same old, same old” mentality.
Disclosure: I am retired after a 40+ year career in electric utility planning, engineering, construction and project management. I have been a PNM shareholder since the rejection of the Avangrid takeover by the PRC.
So… hpw much kick backs did the tolite queen in Santa fe pad her rainbow purse this time? She’s done being the goobernor, so you know by getting rid of the PRC being elected and now reporting to her …she cut a hell of a deal in the dark.
Curious anyone? Try and look up the fine details, clouded in shell companies…betcha betcha…
This buyout looks familiar, kind of like “Yellowstone” the show. Global buisness wanting our land to develop it and make money for their rich friends, buying our energy and who pays for it?…us. New Mexicans need to start going to PNM meetings, city council meetings and get more involved. WE THE PEOPLE.
I completely agree with the majority of comments mad thus far. I have been part of many a so called “Good for the consumer” company takeovers and they all had one thing in common, Raise the rates on the people that have no choice but pay the increase. I did a lot of research on Avingrid and was glad they backed out and TXNM kept control. Our rates are good compared to many places and this “Go Green Initiative” being pushed by the Democrats and the Democrat Governor does little to help the environment and makes tons of money to be distributed to the rich who will have no problems paying the increased bills. Not so good for the rest of us, wake up people.