TXNM Energy, Inc. (TXNM) Monday said it has agreed to be acquired by Blackstone Infrastructure in a transaction with an enterprise value of $11.5 billion or $61.25 per share in cash. Following the news, TXNM shares were more than 9% up in the pre-market.
TXNM Energy, through its subsidiaries PNM and TNMP, provides electricity in New Mexico and Texas, respectively.
The purchase price of $61.25 per share represents a premium of 23% to TXNM stock's average price as on March 5, the day before an article reporting a developing acquisition of TXNM Energy.
Upon closing the deal, TXNM Energy, PNM and TNMP will retain their workforce and continue to be led by their current management teams.
Blackstone Infrastructure is also investing $400 million by way of purchasing 8 million newly issued TXNM shares at $50 per share. This issuance is expected to be completed in June.
Further, to support TXNM's development golas, TXNM intends to issue additional $400 million of shares, before the transaction closes. Once the transaction is concluded, Pat Collawn will step down as Executive Chair. Don Tarry will oversee the continuing operations of TXNM Energy as President and CEO.
"Our successes at TXNM Energy have stemmed from a deliberate approach to investing in PNM and TNMP in a manner aligned with the priorities of our customers and communities. We've integrated new resources to supply over two-thirds of PNM electricity needs with carbon-free energy and supported double-digit demand growth at TNMP," said Pat Collawn, Chair and CEO of TXNM Energy. "We are excited to form this long-term partnership with Blackstone Infrastructure to build upon these successes. We will continue to collaborate with customers, communities, legislators and regulators to achieve our shared goals for a reliable, resilient grid to support economic prosperity and clean energy."
TXNM had closed at $52.88, down 0.73% on Friday. It has traded in the range of $35.56 - $56.50 in the last 1 year.
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