(Reuters) -Blackstone's infrastructure unit will acquire TXNM Energy ( TXNM ) in a $11.5 billion deal, including debt, the utility firm said on Monday.

Reuters reported last week that Blackstone was in talks to buy the New Mexico and Texas-focused utility, citing people familiar with the matter.

Blackstone, which manages $60 billion in infrastructure assets, is betting that stable, regulated returns and high capital needs in grid modernization make TXNM a long-term investment fit.

The deal values TXNM at $61.25 per share, representing a nearly 15% premium based on the stock's last close, according to LSEG data.

The transaction is expected to close in the second half of 2026.

(Reporting by Tanay Dhumal in Bengaluru' Editing by Anil D'Silva and Shinjini Ganguli)