The parent company of New Mexico’s largest electricity provider and the private equity firm looking to acquire it are extending the deadline for their pending merger to mid-2027.
The announcement came weeks after state regulators found that TXNM Energy Inc., which owns PNM, and private equity firm Blackstone Infrastructure violated state law by conducting a $400 million stock sale in 2025 without first gaining approval from the New Mexico Public Regulation Commission. After the commission’s decision on the stock sale earlier this month, neither PNM nor Blackstone officials would say if they intended to continue pursuing the merger.
However, in a joint announcement Friday, officials for TXNM and Blackstone said they extended the deadline for the acquisition to May 31, 2027.
“We remain committed to our proposed partnership with Blackstone Infrastructure because it is critical to TXNM Energy’s long-term ability to provide clean, affordable and reliable power to the customers we serve,” TXNM Energy President and CEO Don Tarry said in a statement. “We appreciate the NMPRC’s careful review of this case and look forward to further demonstrating why this partnership will strengthen the grid, support long-term investment and deliver meaningful benefits for customers and communities across New Mexico and Texas.”
Officials with PNM and Blackstone had long said the deal adhered to state law and contended the pending $11.5 billion merger, first announced in 2025, presented an efficient way to quickly infuse much-needed cash into the state’s aging electric grid.
TXNM has taken out a $400 million loan to undo the 2025 stock sale, according to the joint announcement. The PRC also imposed $300,000 in penalties against the companies in its early July decision.
“Blackstone Infrastructure’s extension of our merger agreement is a sign of our commitment to continue to work collaboratively with stakeholders as we demonstrate the significant benefits of the proposed merger,” Sean Klimczak, global head of Blackstone Infrastructure, said in a statement.
