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Dive Brief:
New Mexico utility regulators are scrutinizing a $400 million stock purchase tied to Blackstone’s bid to acquire TXNM Energy, fueling calls from the state attorney general and consumer advocates for regulators to reject the deal.
Blackstone’s proposed $11.5 billion acquisition of TXNM, the parent company of Public Service Co. of New Mexico, has cleared multiple approvals but still needs a green light from the New Mexico Public Regulation Commission.
At issue is a stock issuance, completed in June 2025, in which TXNM sold 8 million newly issued shares to a Blackstone affiliate. Regulators are reviewing the transaction alongside the broader merger as questions emerge over whether the companies required prior approval for the stock purchase under state utility law and whether it was properly disclosed or structured as part of the acquisition. The commission’s revised procedural order, issued May 8, sets a public evidentiary hearing for Aug. 17.
