Blackstone Infrastructure has announced plans to acquire TXNM Energy in a deal valued at $11.5 billion, including debt, as it places a long-term bet on the surging demand for electricity in the United States and the transition to cleaner energy sources. The all-cash transaction, revealed on Monday, offers $61.25 per share, representing a 15% premium over TXNM’s last closing price.
Shares of TXNM rose 9.2% in pre-market trading to $57.75, following the utility’s confirmation of the Blackstone offer. The acquisition underscores the growing interest among global investors in regulated utility assets, which promise stable returns and align with decarbonisation efforts.
Power sector deals accelerate as energy demand climbs
The acquisition comes at a time when electricity demand in the US is projected to hit record levels in 2025, largely due to the expansion of AI and cryptocurrency data centres, alongside higher residential and commercial energy consumption.
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Recent activity in the utility sector supports this trend. Last week, NRG Energy announced a $12 billion deal to acquire power-generation assets from LS Power. Earlier this year, KKR and PSP Investments jointly acquired a 20% stake in American Electric Power’s transmission business for $2.82 billion.
Blackstone, which manages approximately $60 billion in infrastructure assets, sees TXNM Energy as a strong strategic addition given its stable regulatory environment and capital requirements for grid modernisation.
Leadership transition and future investment plans
TXNM Energy currently supplies electricity to around 800,000 customers across New Mexico and Texas. The utility stated that Blackstone’s investment would help fund clean energy initiatives and address growing electricity needs while maintaining grid reliability.
As part of the transition, current CEO Pat Collawn will step down upon deal closure—expected in the second half of 2026—with Don Tarry, a company veteran, set to take over leadership. TXNM also plans to raise an additional $400 million in equity before the transaction concludes.
The acquisition positions TXNM to accelerate its clean energy roadmap while strengthening grid resilience, making it a key player in the evolving US energy landscape.
