M&A Deal Summary

The Blackstone Group Acquires TXNM Energy

On May 19, 2025, private equity firm The Blackstone Group acquired utilities company TXNM Energy for 11.5B USD

Acquisition Highlights
  • This is The Blackstone Group’s 5th transaction in the Utilities sector.
  • This is The Blackstone Group’s 12th largest (disclosed) transaction.
  • This is The Blackstone Group’s 223rd transaction in the United States.
  • This is The Blackstone Group’s 1st transaction in New Mexico.

M&A Deal Summary

Date 2025-05-19
Target TXNM Energy
Sector Utilities
Buyer(s) The Blackstone Group
Deal Type Going Private
Deal Value 11.5B USD
Advisor(s) Wells Fargo Securities
Citi (Financial)
Troutman Pepper Hamilton Sanders (Legal)

Target

TXNM Energy

Albuquerque, New Mexico, United States
TXNM Energy's corporate headquarters in Albuquerque, New Mexico.
TXNM Energy's corporate headquarters in Albuquerque, New Mexico.
TXNM Energy is an energy holding company that serves electricity to more than 730,000 homes and businesses in New Mexico and Texas. TXNM Energy was founded in 1882 and is based in Albuquerque, New Mexico.

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Buyer(S) 1

Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 394.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.


DEAL STATS #
Overall 354 of 362
Sector: Utilities M&A 5 of 5
Type: Going Private M&A Deals 40 of 41
State: New Mexico M&A 1 of 1
Country: United States M&A 223 of 230
Year: 2025 M&A 8 of 16
Size (of disclosed) 12 of 183
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-08 HealthEdge

Burlington, Massachusetts, United States

HealthEdge is a provider of modern, disruptive healthcare IT solutions that health insurers use to leverage new business models, improve outcomes, drastically reduce administrative costs, and connect everyone in the healthcare delivery cycle. HealthEdge was founded in 2005 and is based in Burlington, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-22 NetBrain

Burlington, Massachusetts, United States

NetBrain is a provider of the first map-driven network automation solution. Hundreds of enterprises rely on NetBrain’s unique map-driven automation software to accelerate troubleshooting and prevent network outages. Netbrain was founded in 2004 and is based in Burlington, Massachusetts.

Buy $750M