The parent company of New Mexico’s largest utility is set to be acquired by a global investment firm.
TXNM Energy, which owns Public Service Company of New Mexico, or PNM, announced it has reached an agreement to be bought by Blackstone Infrastructure in a deal valued at $11.5 billion.
That’s according to a press release issued by PNM this morning.
Under the proposal, PNM would remain headquartered in Albuquerque, and its local leadership and workforce would stay in place.
Union agreements would be upheld, and oversight of electric rates would continue through the state’s Public Regulation Commission.
The acquisition, if approved, would give PNM access to significantly more capital.
The utility states that access to funding is essential as it works to meet growing energy demands while moving toward a carbon-free power supply.
Company officials say the deal also aligns with New Mexico’s Energy Transition Act and other clean energy goals.
Blackstone Infrastructure, which manages roughly $60 billion in assets, says it’s interested in long-term partnerships and views PNM’s clean energy transition as a strong investment.
The firm is already active in North American utility markets and says it plans to work closely with New Mexico stakeholders throughout the process.
If the deal moves forward, TXNM Energy stock would be taken off public markets, and Blackstone would pay $61.25 per share.
The agreement still requires regulatory approval in New Mexico, Texas, and at the federal level.
A final decision isn’t expected until sometime in the second half of 2026.