Blackstone agrees to buy TXNM Energy, PNM's parent company.
The deal is valued at $11.5 billion, including debt. New Mexico’s Public Regulation Commission has to approve it.
Duke City Ledger
Blackstone and PNM
An investment firm wants to buy the utility that serves more than 500,000 New Mexico customers.
- $11.5B deal value, including debt
- 500,000+ PNM customers
- $220M in bill credits offered over 10 years
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Where it stands
Blackstone agreed in May 2025 to buy TXNM Energy, PNM's parent company, in a deal valued at $11.5 billion, and the Public Regulation Commission has to approve it. In September the companies offered $220 million in bill credits over 10 years, with no rate freeze. The companies have asked for a public hearing early next year and have given themselves until May 31, 2027, to close the deal.
Updated Oct. 15
Timeline
Regulators rule Blackstone's $400 million purchase of TXNM stock broke state law.
Blackstone bought the stock in 2025 without the commission’s approval. The commission voted 2-1 that the purchase had to be undone.
Regulators approve the sale of New Mexico Gas Co. to an investment firm, and freeze its base rates.
The buyer is an affiliate of Bernhard Capital Partners, a Louisiana firm. The commission froze New Mexico Gas base rates through January 2028.
Blackstone pays back about $13.3 million in dividends from the shares.
Blackstone had kept the dividends after the commission ruled the stock purchase had to be undone. Opponents objected at a public hearing in late July.
The attorney general's office asks PNM about unusually high bills.
The letter asked why so many bills were estimated and gave PNM until Sept. 23 to explain.
PNM and Blackstone offer $220 million in bill credits over 10 years.
PNM projects the credits would take about 3.5% off a typical bill for the first four years. The offer does not freeze rates.
Analysis · Your PNM bill jumped. The state wants to know why.
A hot month is charged at PNM's highest prices, and this summer the company guessed what many customers used.
Analysis · Blackstone has never run a utility. Over 500,000 PNM customers would be its experiment.
Its own filing lists 25 companies. The only utilities among them are minority stakes that someone else runs.
Analysis · Before Blackstone's bid for PNM, a fund bought southern New Mexico's power company. Now it wants a 50% base-rate hike.
Blackstone wants to buy PNM. New Mexico already let a fund buy El Paso Electric. Here's what happened to its customers.
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Story, part 3 Analysis · Before Blackstone's bid for PNM, a fund bought southern New Mexico's power company. Now it wants a 50% base-rate hike. Blackstone wants to buy PNM. New Mexico already let a fund buy El Paso Electric. Here's what happened to its customers. -
Story, part 2 Analysis · Blackstone has never run a utility. Over 500,000 PNM customers would be its experiment. Its own filing lists 25 companies. The only utilities among them are minority stakes that someone else runs. -
Story, part 1 Analysis · Your PNM bill jumped. The state wants to know why. A hot month is charged at PNM's highest prices, and this summer the company guessed what many customers used. -
PNM and Blackstone offer $220 million in bill credits over 10 years.
PNM projects the credits would take about 3.5% off a typical bill for the first four years. The offer does not freeze rates.
-
The attorney general's office asks PNM about unusually high bills.
The letter asked why so many bills were estimated and gave PNM until Sept. 23 to explain.
-
Blackstone pays back about $13.3 million in dividends from the shares.
Blackstone had kept the dividends after the commission ruled the stock purchase had to be undone. Opponents objected at a public hearing in late July.
-
Regulators approve the sale of New Mexico Gas Co. to an investment firm, and freeze its base rates.
The buyer is an affiliate of Bernhard Capital Partners, a Louisiana firm. The commission froze New Mexico Gas base rates through January 2028.
-
Regulators rule Blackstone's $400 million purchase of TXNM stock broke state law.
Blackstone bought the stock in 2025 without the commission’s approval. The commission voted 2-1 that the purchase had to be undone.
-
Blackstone agrees to buy TXNM Energy, PNM's parent company.
The deal is valued at $11.5 billion, including debt. New Mexico’s Public Regulation Commission has to approve it.