Blackstone Accelerates U.S. Energy Push with $11.5B TXNM Energy Deal

Blackstone Inc. continues to make bold moves in the U.S. energy sector with strategic investments aimed at modernizing infrastructure and meeting growing energy demands. In its latest development, the firm has announced the $11.5 billion all-cash acquisition of TXNM Energy, a major utility provider serving approximately 800,000 customers in New Mexico and Texas.

Powering the Future Through Grid Modernization

This acquisition aligns with Blackstone’s long-term infrastructure strategy, focusing on regulated utilities that offer stable returns and require significant capital for upgrades. With U.S. electricity consumption projected to hit record highs—driven by data centers, artificial intelligence, and increased electrification—Blackstone’s investment will support TXNM’s plans for clean energy expansion and grid reliability.

TXNM Energy will receive a $400 million equity infusion as part of the transaction, matched by Blackstone, with the deal expected to close in the second half of 2026. Leadership changes are also anticipated, with current CEO Pat Collawn set to retire and Don Tarry positioned to take over.

A Broader Energy Investment Strategy

The TXNM acquisition is the latest in a series of strategic moves by Blackstone. In late 2024, the firm announced a $3.5 billion joint venture with EQT Corporation, focused on high-value midstream natural gas infrastructure. This includes ownership stakes in key pipelines and storage assets across the U.S., forming part of a larger $8.8 billion valuation.

The partnership is designed to deliver long-term returns while enabling EQT to strengthen its balance sheet and scale up its operations. It also reinforces Blackstone’s commitment to financing projects that address critical energy infrastructure needs.

Conclusion

Blackstone’s growing portfolio of energy investments highlights its focus on scalable, future-ready infrastructure. By acquiring TXNM Energy and partnering with EQT Corporation, Blackstone is playing a pivotal role in modernizing the U.S. power grid and supporting the transition to a more sustainable energy landscape. As demand for reliable electricity continues to rise, the firm’s strategic positioning sets it apart as a key player in shaping the future of American energy.