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.