Blackstone in talks to acquire PNM’s parent company, according to report

A massive private equity firm is reportedly eyeing a TXNM Energy Inc. acquisition.

Blackstone Inc., self-described as the world’s largest alternative asset manager with more than $1 trillion in assets under management, is leveraging its infrastructure investment arm — Blackstone Infrastructure Partners — to potentially buy the New Mexico-Texas utility, which includes the Public Service Company of New Mexico, according to Bloomberg News.

It’s the latest development following reports in March that PNM’s parent company, TXNM Energy, formerly PNM Resources Inc., was exploring a potential sale. The company five years ago announced plans to merge with Avangrid Inc., a subsidiary of Spain-based energy giant Iberdrola, but the merger agreement between the companies dissolved last year as it awaited regulatory approval.

With PNM’s plans to exceed New Mexico’s aggressive clean energy standards in the coming decades and the nation’s energy demand only increasing, acquisition offers could open up more access to capital for the utility company.

A PNM spokesperson said the company’s policy is not to comment on “market rumors or speculation regarding potential transactions.”

Blackstone declined to comment.

Both companies recently reported positive first-quarter financial results. Blackstone boasted $1.2 billion in net income and slightly higher net accrued performance revenues compared to its 2024 fourth quarter, adding up to about $6.4 billion, or $5.24 a share.

Meanwhile, TXNM Energy is maintaining its long-term earnings growth target of 7-9% and its 2025 earnings guidance of $2.74-2.84, according to its first quarter results.

TXNM Energy Chair and CEO Pat Collawn noted in an earnings presentation that regulatory hearing examiners last month recommended Public Regulation Commissioners approve PNM’s rate increase settlement case, bumping up average monthly bills by about $10 through next year.

Shares of TXNM and Blackstone spiked Monday, when Bloomberg published the report about the acquisition interest. At closing on Tuesday, shares of TXNM stood at $53.20; Blackstone shares closed at $148.60.

Any acquisition would first have to win the approval of the New Mexico Public Regulation Commission, which has yet to vote on a massive acquisition like this since a voter-approved overhaul switched the commission last year from a five-member elected body to a three-member appointed body.