TXNM Energy and Blackstone Extend Merger Deadline to 2027

The extension grants both parties additional time to resolve procedural hurdles following a paused schedule at the New Mexico Public Regulation Commission (NMPRC). The regulator required a specific compliance report regarding a 2025 stock transaction between the two entities before the merger process could resume. Joint applicants expect to file this documentation before the end of July 2026, with the transaction now projected to close in the first half of 2027.

To address the 2025 stock transaction, TXNM Energy has secured a $400 million term loan to unwind that agreement, with plans to issue common stock to repay the debt. Don Tarry, CEO of TXNM Energy, characterized the partnership as vital for long-term grid investment and power reliability. Sean Klimczak, Global Head of Blackstone Infrastructure, reaffirmed the firm's commitment to the deal, citing the potential to support regional clean energy goals. Shareholders previously signaled overwhelming support for the merger in August 2025, leaving regulatory sign-offs from the NMPRC and the Nuclear Regulatory Commission as the final steps.