FERC granted final approval on February 20 2026 for Blackstone Infrastructure’s $11.5 billion purchase of TXNM Energy, a regulated utility that supplies electricity to more than 800,000 customers across New Mexico and Texas through its subsidiaries PNM and TNMP.
TXNM Energy’s PNM unit is targeting 100 % carbon‑free power by 2040, while TNMP serves rapidly growing markets in Texas. The acquisition gives Blackstone a foothold in a stable, regulated asset that offers predictable cash flows and a platform for expanding renewable generation and grid resilience.
Blackstone’s strategy has focused on long‑term, patient capital in infrastructure assets that can benefit from the surging electricity demand driven by data centers, artificial intelligence workloads, and broader electrification. The deal aligns with that strategy and positions Blackstone to capture growth in the clean‑energy transition while adding a sizable renewable portfolio to its holdings.
The transaction is fully equity‑funded, supplemented by a $400 million private placement at $50 per share to support TXNM’s growth plans. The deal still requires final approval from the Nuclear Regulatory Commission and the New Mexico Public Regulation Commission, but the FERC clearance removes a major regulatory hurdle and signals that the transaction is consistent with public interest and will not adversely affect rates or competition.
After the FERC approval, TXNM’s shares remained flat in after‑hours trading, indicating that the market viewed the clearance as a de‑risking step rather than a new catalyst. The remaining state‑level approvals are expected to be routine, and the acquisition is projected to close in the coming months.
The approval marks a significant expansion of Blackstone’s infrastructure portfolio and enhances its renewable energy exposure. It also reflects a broader trend of private‑equity investment in regulated utilities, driven by the need for capital to modernize aging grids and accelerate the transition to clean power.
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