What utility company did Blackstone buy?
Blackstone Infrastructure, a division of the major global alternative asset management firm Blackstone, reached a landmark definitive agreement to acquire TXNM Energy, which serves as the parent company of prominent regulated electric utilities Public Service Company of New Mexico and Texas-New Mexico Power. Valued at an enterprise value of approximately eleven and a half billion dollars, this significant transaction is designed to inject long-term private equity capital into regional power infrastructure. The acquisition supports ongoing grid modernization efforts, helps accelerate the transition toward renewable energy generation resources, and addresses surging electricity demand across New Mexico and Texas while ensuring that the utility operating companies continue to remain strictly regulated by state and federal utility commissions.
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TXNM Energy, a major regulated electric utility holding company providing power infrastructure across the American Southwest, operated for many decades under the corporate name PNM Resources, Inc.
New Mexico generates the vast majority of its domestic electricity through a transitioning energy portfolio heavily anchored by natural gas-fired power plants, coal generation, and rapidly expanding renewable energy sources.
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TXNM Energy, Inc. (NYSE: TXNM) trades at $57.60 per share, commanding a solid market capitalization of roughly $6.41 billion.
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Institutional equity research consensus price targets for TXNM Energy, Inc. (NYSE: TXNM) average approximately $46.
Before becoming known as Albuquerque, the area that is now New Mexico's largest city was initially established and named La Villa de Alburquerque by the Spanish colonial governor of Santa Fe de Nuevo Mexico, Francisco Cuervo y Valdes, in 1706.
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TXNM Energy, Inc. shares trade on the New York Stock Exchange under the ticker symbol TXNM at a live market price of approximately $57.54 per share.
Electrical and gas utility services were officially established in Albuquerque in 1882, when early local business leaders launched foundational operations to supply lighting and power to the expanding New Mexico territorial railway hub.
Public Service Company of New Mexico, commonly known as PNM and operating as a major subsidiary of PNM Resources, is the largest electricity utility company in the state of New Mexico.
The state government, public education systems, federal national laboratories, and major healthcare networks represent the largest employers in New Mexico.
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