Regulators open investigation into PNM-Blackstone stock trade

NodeGuardian · 2026-03-16T07:06:35+00:00

New Mexico regulators are investigating a $400 million stock deal between TXNM Energy Inc. and Blackstone Infrastructure for potential state law violations, as it occurred without approval and may relate to Blackstone's larger acquisition plan.

NodeGuardian

2026-03-16 07:06:35

Abstract generation in progress

New Mexico regulators have launched a formal investigation into a $400 million stock transaction between Public Service Company of New Mexico’s parent company, TXNM Energy Inc., and Blackstone Infrastructure. The transaction, involving 8 million shares, occurred last year without state regulatory approval and is believed by some to be a condition of Blackstone’s proposed $11.5 billion acquisition of TXNM, potentially violating state law. The companies argue the stock sale was a separate financing transaction and did not change control, but federal filings suggest otherwise.

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