The US Federal Energy Regulatory Commission (FERC) has granted approval for Blackstone Infrastructure’s acquisition of New Mexico-based energy holding company TXNM Energy.
Currently listed on the New York Stock Exchange, TXNM Energy supplies electricity to more than 800,000 homes and businesses in Texas and New Mexico through its regulated subsidiaries, TNMP and PNM.
The FERC determined that the proposed transaction aligns with the public interest. The commission cited a lack of evidence that either state or federal regulation would be compromised, or that customer rates or market competition would be adversely affected.
It also addressed concerns about Blackstone Infrastructure's data centre holdings and private equity involvement in public utilities, stating that adequate ring-fencing protections exist in both New Mexico and Texas to safeguard regulatory interests.
Alongside the FERC’s authorisation, the acquisition has obtained the necessary federal regulatory clearance from the Federal Communications Commission. The waiting period stipulated under the Hart-Scott-Rodino Antitrust Improvements Act has expired without objection.
Earlier in the month, the Public Utility Commission of Texas (PUCT) approved a settlement supporting the acquisition. The PUCT concluded that the transaction serves the public interest.
TXNM Energy shareholders voted overwhelmingly in favour of the deal in August 2025.
The settlement approved by the PUCT sets out several provisions including $45m in rate credits for customers and enhanced governance standards. It also includes restrictions on dividend payments, financial protections such as ring-fencing measures and local management oversight.
Workforce guarantees, continued funding for TXNM Energy’s five-year capital expenditure programme and commitments to serve Texas communities are also part of the agreement.
Parties to this agreement include 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 approval from the Nuclear Regulatory Commission and state consent from the New Mexico Public Regulation Commission are still pending before the transaction can close.
In May 2025, TXNM Energy announced it had entered an agreement under which Blackstone Infrastructure would acquire all of its outstanding shares at $61.25 per share in cash. This values the transaction at approximately $11.5bn on an enterprise basis, inclusive of net debt and preferred stock.
TXNM Energy’s subsidiaries have outlined plans to maintain regulated service provision under existing state and federal oversight.
PNM will continue efforts to meet New Mexico’s clean energy objectives and identify cost-effective strategies for energy transition.
Meanwhile, TNMP is said to be progressing with increased capital investment in response to growth within its Texas service area.
TXNM Energy previously stated that PNM and TNMP will continue to focus on cost-effective solutions to deliver safe and reliable power for customers across New Mexico and Texas.
The company indicated that both utilities would remain subject to oversight by state and federal commissions including the New Mexico Public Regulation Commission and the PUCT.
Blackstone Infrastructure intends to retain existing local management teams and workforce across TXNM Energy and its subsidiaries and maintain their headquarters in New Mexico and Texas.
TXNM Energy, PNM, and TNMP would continue to be locally managed and operated, with commitments to retain the local workforce.
