M&A · Energy · Electric Services
Blackstone Infrastructure to acquire TXNM Energy Inc
Announced May 19, 2025 · Pending Jul 11, 2025
Deal value$11.50BEV $11.50B
Premium22.3%To unaffected price
EV / Adj. EBITDA13.0x5.7x EV / Revenue
ConsiderationAll cash$61.25 per share
Transaction
- Acquirer
- Blackstone Infrastructure
- Target
- TXNM Energy Inc (TXNM)
- Buyer type
- Private equity
- Offer price per share
- $61.25
- Enterprise value
- $11.50B
- Status
- Pending Jul 11, 2025
Deal protections
- Break fee (target pays)
- $210M · 1.8%
- Reverse fee (buyer pays)
- $350M · 3.0%
- Go-shop
- No-shop
- Financing
- Committed · RBC Capital Markets, MUFG, BNP Paribas, SMBC Nikko
Advisors
- To the acquirer
- RBC Capital Markets, JPMorgan
- To the target
- Wells Fargo, Citigroup
Sector context · Energy
- Comparable deals
- 40 in the prior 24 months
- Premium
- 22.3% vs. 17.9% sector median
- EV / Adj. EBITDA
- 13.0x vs. 8.1x sector median
- Break fee
- 1.8% vs. 3.0% sector median
Timeline
- AnnouncedMay 19, 2025
- Proxy filedJul 11, 2025
- Definitive proxyJul 21, 2025
- Shareholder votePending
- ClosedPending