On February 20 2026, the U.S. Federal Energy Regulatory Commission granted final approval for Blackstone Infrastructure’s acquisition of TXNM Energy, eliminating the last federal regulatory obstacle to the transaction.
The commission found the deal consistent with the public interest, noting no evidence that the acquisition would impair state or federal regulation, raise rates, or harm competition. The approval removes the final federal hurdle, allowing the parties to move forward with the remaining state‑level approvals and the Nuclear Regulatory Commission’s consent.
The acquisition was announced on May 19 2025, with Blackstone offering $61.25 in cash per share for TXNM Energy, valuing the transaction at an enterprise value of $11.5 billion. State‑level approvals from the New Mexico Public Regulation Commission and the NRC are still pending, while the FCC approval and the Hart‑Scott‑Rodino waiting period have already expired. A settlement with the Public Utility Commission of Texas was also approved in February 2026.
TXNM Energy’s capital‑program for 2025‑2029 is $7.8 billion, aimed at grid modernization, new generation resources, and a clean‑energy transition. Blackstone’s long‑term capital will enable the company to execute this program and accelerate its growth plan.
The transaction deepens Blackstone’s exposure to the U.S. power sector and provides TXNM with the financial resources needed to deliver customer benefits such as residential rate credits, low‑income assistance, economic‑development initiatives, and investments in clean technology. TXNM shareholders approved the merger in August 2025, and the FERC approval marks a key milestone in the company’s strategic transformation.
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