07:07 AM EDT, 05/19/2025 (MT Newswires) -- TXNM Energy ( TXNM ) said Monday it has agreed to be acquired by Blackstone (BX) Infrastructure for $61.25 per share in cash, reflecting a total enterprise value of $11.5 billion, including net debt and preferred stock.

Blackstone is also investing $400 million through the purchase of 8 million newly issued TXNM common shares at $50 each in a private placement, with completion expected in June. TXNM said it expects to issue an additional $400 million of equity prior to the deal's closing.

Pat Collawn will step down as executive chair, while Don Tarry will oversee the continuing operations of TXNM as chief executive and president. The company expects the deal to complete in H2 2026, subject to shareholder approval and other conditions.

TXNM shares were up 9.2% in recent premarket activity, while Blackstone fell 1.8%.