FERC approves Blackstone’s acquisition of TXNM Energy

The US Federal Energy Regulatory Commission (FERC) has granted support for Blackstone Infrastructure’s acquisition of New Mexico-based vigor holding institution TXNM Energy.

Currently listed connected the New York Stock Exchange, TXNM Energy supplies energy to much than 800,000 homes and businesses successful Texas and New Mexico done its regulated subsidiaries, TNMP and PNM.

The FERC determined that the projected transaction aligns with the nationalist interest. The committee cited a deficiency of grounds that either authorities oregon national regularisation would beryllium compromised, oregon that lawsuit rates oregon marketplace contention would beryllium adversely affected.

It besides addressed concerns astir Blackstone Infrastructure's information centre holdings and backstage equity engagement successful nationalist utilities, stating that capable ring-fencing protections beryllium successful some New Mexico and Texas to safeguard regulatory interests.

Alongside the FERC’s authorisation, the acquisition has obtained the indispensable national regulatory clearance from the Federal Communications Commission. The waiting play stipulated nether the Hart-Scott-Rodino Antitrust Improvements Act has expired without objection.

Earlier successful the month, the Public Utility Commission of Texas (PUCT) approved a colony supporting the acquisition. The PUCT concluded that the transaction serves the nationalist interest.

TXNM Energy shareholders voted overwhelmingly successful favour of the woody successful August 2025.

The colony approved by the PUCT sets retired respective provisions including $45m successful complaint credits for customers and enhanced governance standards. It besides includes restrictions connected dividend payments, fiscal protections specified arsenic ring-fencing measures and section absorption oversight.

Workforce guarantees, continued backing for TXNM Energy’s five-year superior expenditure programme and commitments to service Texas communities are besides portion of the agreement.

Parties to this statement see municipalities served by TNMP, the Office of Public Utility Counsel, PUCT staff, the Texas Energy Association for Marketers, Texas Industrial Energy Consumers and Walmart.

Federal support from the Nuclear Regulatory Commission and authorities consent from the New Mexico Public Regulation Commission are inactive pending earlier the transaction tin close.

In May 2025, TXNM Energy announced it had entered an statement nether which Blackstone Infrastructure would get each of its outstanding shares astatine $61.25 per stock successful cash. This values the transaction astatine astir $11.5bn connected an endeavor basis, inclusive of nett indebtedness and preferred stock.

TXNM Energy’s subsidiaries person outlined plans to support regulated work proviso nether existing authorities and national oversight.