TXNM Energy said on Friday that the U.S. Federal Energy Regulatory Commission (FERC) has given approval for its $11.5 billion acquisition by Blackstone Infrastructure, clearing a key regulatory hurdle for the transaction to proceed.
The deal, agreed last year, would see Blackstone Infrastructure take over the U.S. utility company in a transaction that includes assumed debt. FERC concluded that the proposed acquisition would not impair federal or state regulatory oversight and would not have an “adverse effect on rates” for consumers, according to the company statement.
In addition to the FERC clearance, the statutory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired, removing another major obstacle and allowing the deal to move forward toward closing.
The Blackstone takeover represents one of the larger energy sector acquisitions in recent years, with the New York-based infrastructure arm of the private equity giant positioning itself to expand in regulated utility markets. Industry analysts have said utilities such as TXNM are attractive targets because of stable, regulated returns and the growing demand for electricity in the United States, particularly as clean energy and grid modernization investments rise.
TXNM Energy provides electricity to hundreds of thousands of homes and businesses in states including New Mexico and Texas, representing a significant regional utility footprint. The transaction has drawn attention not only for its size but also for regulatory scrutiny, with utility mergers historically facing close review from state and federal authorities.
Earlier this month, the Public Utility Commission of Texas approved a settlement supporting the deal, which included rate protections and governance conditions for customers, and shareholders overwhelmingly backed the merger in August 2025.
Despite the FERC approval, the transaction still requires additional clearances, including from the Nuclear Regulatory Commission and state regulators in New Mexico, before the deal can be completed later in 2026, industry sources say.
Investors and market watchers said the FERC decision significantly reduces regulatory uncertainty, potentially accelerating the timeline for closing and allowing Blackstone to integrate TXNM Energy into its broader infrastructure portfolio.