NEW YORK, May 20, 2025 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of TXNM Energy, Inc. (NYSE: TXNM) to Blackstone for $61.25 per share in cash is fair to TXNM shareholders. Halper Sadeh encourages TXNM shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@halpersadeh.com or zhalper@halpersadeh.com. The investigation concerns whether TXNM and its board of dire ...

Monroy, 46, joined the company in 2003 and has most recently served as Vice President of PNM Regulatory. He has an extensive background in accounting and finance, having previously served as the company's Vice President and Corporate Controller from 2020 until 2023, as well numerous leadership positions with the company's accounting, revenue and budget functions. Monroy graduated from New Mexico State University with a bachelor's degree in accounting and is a Certified Public Accountant in the State of New ...

NEW YORK, May 19, 2025 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating TXNM Energy (NYSE: TXNM), relating to the proposed merger with Blackstone Infrastructure. Under the terms of the agreement, Blackstone Infrastructure will acquire TXNM Energy for $61. ...

TXNM Energy Conference Call Summary Company and Industry - **Company**: TXNM Energy - **Acquirer**: Blackstone Infrastructure - **Industry**: Energy and Infrastructure Key Points and Arguments 1. **Acquisition Announcement**: TXNM Energy announced its agreement to be acquired by Blackstone Infrastructure, emphasizing the need for scale in the business while maintaining operations of TXNM Energy, PNM, and TNMP intact [2][3][4] 2. **Financial Strength**: The acquisition is expected to enhance TXNM's financial strength, allowing for better service to customers and maintaining investment-grade credit metrics without the challenges of current capital markets [5][6] 3. **Shareholder Compensation**: Upon closing, shareholders will receive $61.25 per share in cash, representing a 23% premium over the unaffected stock price and a 15.8% premium over the last closing price, with a total enterprise value of $11.5 billion [6][14] 4. **Blackstone's Investment Approach**: Blackstone Infrastructure has a successful track record with $60 billion in infrastructure assets under management, focusing on long-term partnerships and community support [7][8] 5. **Commitment to Employees and Communities**: The acquisition agreement includes commitments to keep TXNM Energy, PNM, and TNMP locally operated, with no workforce reductions or changes in compensation and benefits for at least two years post-transaction [12][13] 6. **Regulatory Process**: The transaction is subject to state and federal regulatory approvals, with expected completion in the second half of 2026. TXNM plans to engage stakeholders in Texas and New Mexico before filing [16][22] 7. **Equity Financing**: Blackstone Infrastructure will provide $400 million of upfront investments through the purchase of newly issued shares, with an additional $400 million to be issued before closing, alleviating financing pressures during the regulatory process [14][38] 8. **Dividend Policy**: TXNM Energy plans to continue paying dividends during the transaction process, subject to board approval, with the potential for growth in line with current plans [15][30] Other Important Content 1. **Termination Fees**: The termination fee for TXNM Energy is set at $210 million, while Blackstone's fee is $350 million [31] 2. **Net Benefit States**: Both New Mexico and Texas are classified as net benefit states for the transaction, which may facilitate the approval process [34] 3. **Management Transition**: Henry Monroy has been appointed as the new Senior Vice President and Chief Financial Officer, succeeding Lisa Eaton [18] This summary encapsulates the critical aspects of the TXNM Energy conference call, highlighting the strategic implications of the acquisition and its anticipated benefits for stakeholders.

Acquisition of TXNM Energy by Blackstone Infrastructure May 19, 2025 Forward-Looking Statements FORWARD-LOOKING STATEMENTS Statements made in this presentation that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include statements regarding the potential transaction between TXNM Energy and Blackstone Infrastructure, including any s ...

Core Viewpoint - TXNM Energy has entered into an agreement for Blackstone Infrastructure to acquire the company for $61.25 per share, resulting in a total enterprise value of $11.5 billion, including net debt and preferred stock [1][8]. Company Overview - TXNM Energy, through its subsidiaries PNM and TNMP, focuses on addressing critical electricity infrastructure needs and is committed to transitioning to clean energy in New Mexico [2][6]. - PNM is evolving its generation portfolio to meet clean energy goals, while TNMP has increased capital investments to support growth in Texas [2]. Transaction Details - The acquisition price of $61.25 per share represents a 23.0% premium over TXNM Energy's 30-day volume weighted average price as of March 5, 2025 [8]. - Blackstone Infrastructure will fund the acquisition entirely with equity and does not plan to increase TXNM Energy's leverage levels [4][10]. - Blackstone Infrastructure is also investing $400 million through a private placement of newly issued shares at $50 per share to support TXNM Energy's growth plans [9]. Strategic Goals - The transaction aims to provide long-term capital to support TXNM Energy's infrastructure development and economic growth during the transition to clean energy [6]. - TXNM Energy will remain locally managed and operated, retaining its workforce and honoring labor agreements [6][15]. Regulatory and Approval Process - The transaction is subject to approval from TXNM Energy's shareholders and various regulatory bodies, including the New Mexico Public Regulation Commission and the Public Utility Commission of Texas [11]. - The deal is expected to close in the second half of 2026, pending necessary approvals [11]. Leadership Changes - Following the transaction, Pat Collawn will step down as Executive Chair, with Don Tarry taking over as President and CEO [12]. Advisors - Wells Fargo and Citi are serving as financial advisors to TXNM Energy, while RBC Capital Markets and J.P. Morgan are advising Blackstone Infrastructure [13].

Core Viewpoint - TXNM Energy is undergoing a leadership transition with Pat Collawn moving to Executive Chair and Don Tarry appointed as the new President and CEO, effective July 1, 2025 [1][2]. Leadership Transition - Pat Collawn has been with TXNM Energy since June 2007, serving in various roles including President and CEO since March 2010, and will continue to lead as Executive Chair [2][5]. - Don Tarry, who has been with the company since 1996 and held multiple leadership positions, will take over as CEO and President [5][6]. Strategic Focus - Under Pat's leadership, TXNM Energy has focused on its regulated utilities and aims for 100% carbon-free generation by 2040, achieving 72% carbon-free generation capacity by 2024 [3][5]. - The company is committed to meeting the evolving needs of its customers and communities while pursuing cost-effective solutions [5][6]. Community Involvement - Both Pat Collawn and Don Tarry are actively involved in community initiatives, with Pat serving in various leadership roles and Don as Chair of the Albuquerque Regional Economic Alliance [4][6]. Company Overview - TXNM Energy, based in Albuquerque, New Mexico, provides energy to over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM [7].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No ...

TXNM Energy (TXNM) Q1 2025 Earnings Call May 09, 2025 11:00 AM ET Company Participants Lisa Goodman - Executive Director of Investor RelationsPatricia Collawn - Chairman & CEODon Tarry - President & COOLisa Eden - SVP & CFONicholas Campanella - DirectorMichael Lonegan - Director - Equity ResearchAnthony Crowdell - Managing Director Conference Call Participants Brian Russo - Analyst Operator Good day and welcome to the TXM Energy Q1 twenty twenty five Conference Call. All participants will be in listen only ...

Financial Data and Key Metrics Changes - Ongoing earnings for Q1 2025 were $0.19 per share, aligning with expectations and reflecting the midyear implementation of new rates at PNM [4][23] - The company affirmed its 2025 guidance range of $2.74 to $2.84 per share, maintaining a long-term EPS growth target of 7% to 9% [5][26] Business Line Data and Key Metrics Changes - TNMP set a new system peak in Q1, 22% higher than the previous year, with demand-based load increasing by 9.7%, driven by growth in North and West Texas [9][10] - Data center load increased by 70 megawatts in Q1, with expectations of an additional 150 megawatts by year-end [10] - The system resiliency plan was approved, allowing for $546 million in capital improvements [5][10] Market Data and Key Metrics Changes - Interconnection requests increased by 6% compared to Q1 of the previous year, particularly in the Gulf Coast area [10] - The New Mexico legislative session resulted in key bills aimed at expediting infrastructure build-out for large customers, enhancing competitiveness [6][7] Company Strategy and Development Direction - The company is focused on supporting growth in Texas with a reliable and resilient grid, with capital investments projected to grow from $600 million this year to over $1 billion starting in 2028 [12] - The regulatory agenda includes upcoming rate reviews and resource applications, with a focus on balancing system needs and customer rate impacts [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the capital plan and achieving growth targets, emphasizing the importance of size and scale in financing large capital expenditures [36] - The company is optimistic about the impact of recent legislation on its operations and financial performance [6][64] Other Important Information - The company has not made changes to its five-year capital investment plan, which includes significant investments in transmission development [19][20] - The upcoming regulatory agenda includes decisions on rate reviews and resource applications, with a focus on improving service and meeting customer demands [20][21] Q&A Session Summary Question: Impact of House Bill 5,247 on TNMP - Management confirmed that House Bill 5,247 would be beneficial to TNMP, allowing for the grouping of costs and reducing regulatory lag [33] Question: Update on TNMP's capital structure and rate design - Management indicated that the upcoming base rate case would primarily focus on rate design, with the current capital structure at 45% equity [44] Question: Confidence in executing the $750 million CapEx for Permian Basin - Management expressed confidence in delivering the capital and noted that CCNs would be filed early next year [47] Question: Progress on New Mexico RFP process - Management stated that the RFP process is on track, with an independent evaluator involved to ensure resource justification [54] Question: Impact of tariffs on capital plans - Management noted that tariffs are expected to have about a 2% impact on capital plans, consistent with other utilities [56] Question: Incremental investment opportunities in transmission - Management indicated that while the five-year period may see limited incremental investments, the long-term outlook for transmission development is significant, estimated at around $4 billion [57]