TXNM Energy and Blackstone Infrastructure have extended their merger deadline to May 31, 2027. The companies are still working to get the final regulatory approvals needed to complete the deal.
The Public Utility Commission of Texas, the Federal Energy Regulatory Commission, the Federal Communications Commission, and federal antitrust regulators have already approved the merger. TXNM Energy shareholders gave their approval last year.
The companies are still waiting for decisions from the New Mexico Public Regulation Commission and the Nuclear Regulatory Commission.
In New Mexico, regulators have put their review on hold until they receive a compliance report about a separate 2025 stock transaction involving TXNM Energy and Blackstone Infrastructure. The companies expect to submit this report by the end of July, allowing the review to continue.
“This merger is important to the utility’s long-term ability to deliver clean, affordable and reliable power,” TXNM Energy President and CEO Don Tarry said in a statement.
“The extension demonstrates both parties’ commitment to working with regulators and stakeholders to complete the transaction,” said Sean Klimczak, global head of Blackstone Infrastructure.
TXNM Energy also announced it has secured a $400 million term loan to reverse the canceled 2025 stock transaction. The company plans to issue common stock to pay back the loan.
If New Mexico regulators resume their review as expected and grant approval, the companies expect to complete the merger in the first half of 2027.
Many people are watching this proposed merger because it would put TXNM Energy, which owns New Mexico’s largest electric utility, under Blackstone Infrastructure, one of the world’s biggest infrastructure investors.
