The private investment company working to buy New Mexico’s largest utility has extended the timeline for the deal to close after PNM says it has secured funding to reverse a problematic $400 million stock sale to the buyer completed without regulatory approval.
PNM shareholders approved the sale to an affiliate of Blackstone in August 2025 with an expectation that it would be completed in 2026. But those plans were sidetracked earlier this year when opponents objected to Blackstone’s purchase of $400 million in stock of TXNM Energy, the parent company of PNM, without pre-approval from the New Mexico Public Regulatory Commission. The stock sale was publicly reported by both companies but regulated utilities must receive PRC consent for large stock purchases. Earlier this month, the PRC ordered the companies to undo that transaction and allowed the parties to continue their application instead dismissing the application outright as opponents had hoped.
New Energy Economy, a Santa Fe-based group opposed to the deal, had hoped the improper stock sale would end the purchase attempt. “We are pleased that the Commission adopted the Hearing Examiners’ findings that Blackstone and TXNM violated New Mexico law and that the unlawful $400 million stock transaction must be unwound at shareholder — not ratepayer — expense… However, the Commission should also have denied the merger application.”
On Friday, Blackstone said it had extended the acquisition timeline until May 31, 2027 “to allow for further time to obtain regulatory approvals.” The transaction has received approval from the Public Utility Commission of Texas (PUCT), the Federal Energy Regulatory Commission (FERC), the Federal Communications Commission (FCC). New Mexico PRC approval remains the last major hurdle.
In a statement shared with NM.NEWS, PNM said it had secured a loan to buy back the $400 million in stock from Blackstone and would resell shares to pay back the loan.