Key Takeaways:
- Blackstone extended its TXNM Energy acquisition deadline by 10 months to May 2027
- The deal awaits approval from New Mexico and nuclear regulators
- TXNM took out a $400 million term loan to unwind a voided 2025 stock transaction
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TXNM Energy extends Blackstone merger to May 2027 on regulatory delays
Blackstone extended its TXNM Energy acquisition deadline to May 2027 as New Mexico regulators paused their review.
Blackstone Infrastructure pushed the termination date on its TXNM Energy acquisition to May 31, 2027, extending the timeline by 10 months as the deal awaits clearance from New Mexico and nuclear regulators.
"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," said Don Tarry, president and chief executive officer of TXNM Energy.
The transaction has secured approvals from the Public Utility Commission of Texas, the Federal Energy Regulatory Commission and the Federal Communications Commission, and cleared the Hart-Scott-Rodino antitrust waiting period. TXNM shareholders overwhelmingly approved the deal in August 2025. Still pending are sign-offs from the Nuclear Regulatory Commission and the New Mexico Public Regulation Commission, whose procedural schedule remains paused pending a compliance report tied to a 2025 stock transaction between the two companies.
The delay shows the regulatory friction facing infrastructure M&A in the US utility sector. TXNM, which serves more than 800,000 customers across New Mexico and Texas, has also taken out a $400 million term loan to unwind the voided 2025 stock transaction, with plans to issue common stock to repay it. The joint applicants expect to file a compliance report by the end of July 2026, with a deal closing estimated in the first half of 2027.
"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," said Sean Klimczak, global head of Blackstone Infrastructure.
The extended timeline gives both parties room to navigate the remaining regulatory hurdles. TXNM plans to issue common stock to repay the $400 million term loan taken out to unwind the voided 2025 stock transaction, a step the NMPRC had required before resuming its review. If the compliance report is filed by the end of July 2026 as planned, the deal could close in the first half of 2027 — roughly two years after the original announcement.
This article is for informational purposes only and does not constitute investment advice.
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