TXNM Energy today announced it has entered into a definitive agreement under which Blackstone Infrastructure will acquire the company for $61.25 per share in cash. This transaction reflects a total enterprise value of $11.5 billion, including net debt and preferred stock.
The purchase price represents a 23.0% premium to TXNM Energy's unaffected 30-day volume weighted average price as of March 5, 2025. Blackstone Infrastructure is funding the purchase price entirely with equity and does not anticipate increasing TXNM Energy's leverage levels.
As part of the agreement, Blackstone Infrastructure will also invest $400 million through the purchase of 8 million newly issued shares of TXNM Energy common stock at $50 per share, expected to close in June 2025. TXNM Energy expects to issue an additional $400 million of equity prior to the transaction's closing.
The acquisition is estimated to close in the second half of 2026, subject to TXNM Energy shareholder approval and various regulatory approvals, including from the NMPRC, PUCT, and FERC. Following the closing, Pat Collawn will step down as Executive Chair, and Don Tarry will oversee operations as President and CEO.
Due to the pending transaction, TXNM Energy is not affirming its previously issued 2025 Ongoing Earnings Guidance and does not plan to issue revised guidance. This acquisition is expected to provide significant long-term capital to support TXNM Energy's goals for clean energy transition and demand growth in its service territories.
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