FERC approves Blackstone’s acquisition of TXNM Energy

Core Viewpoint - The acquisition of TXNM Energy by Blackstone Infrastructure has received approval from the US Federal Energy Regulatory Commission (FERC), aligning with public interest and ensuring regulatory protections are in place [1][2]. Regulatory Approvals - The FERC found no evidence that the acquisition would compromise state or federal regulations, customer rates, or market competition [2] - The acquisition has also received federal clearance from the Federal Communications Commission, and the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired without objections [3]. Shareholder and Public Utility Commission Support - TXNM Energy shareholders voted overwhelmingly in favor of the acquisition in August 2025 [4] - The Public Utility Commission of Texas (PUCT) approved a settlement that includes $45 million in rate credits for customers and enhanced governance standards [4]. Agreement Provisions - The settlement includes provisions for workforce guarantees, continued funding for TXNM Energy's five-year capital expenditure program, and commitments to serve Texas communities [5]. - The agreement involves various stakeholders, including municipalities served by TNMP and the Texas Energy Association for Marketers [5]. Pending Approvals - Federal approval from the Nuclear Regulatory Commission and state consent from the New Mexico Public Regulation Commission are still required before the transaction can close [6]. - The acquisition values TXNM Energy at approximately $11.5 billion, with Blackstone Infrastructure set to acquire all outstanding shares at $61.25 per share in cash [6]. Service Provision Plans - TXNM Energy's subsidiaries have committed to maintaining regulated service provision under existing state and federal oversight [7].