TXNM Energy has entered into an agreement to be acquired by the infrastructure unit of Blackstone in an $11.5 billion deal, including debt. Blackstone will pay $61.25 per share in cash, representing a 23% premium to TXNM Energy's stock price.
Blackstone Infrastructure is also investing an additional $400 million through the purchase of 8 million newly issued shares of TXNM Energy common stock at $50 per share, via a private placement. This capital is intended to support TXNM Energy's industry-leading growth plans.
The transaction, unanimously approved by TXNM Energy's Board of Directors, is expected to close in the second half of 2026, subject to shareholder and various regulatory approvals. This acquisition underscores Blackstone's long-term commitment to North American infrastructure and its focus on essential services.
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