PNM Acquisition Case Information

Case no. 25-00060-UT, In the matter of the joint application of Public Service Company of New Mexico, TXNM Energy Inc., and Troy Parentco LLC for approval of an acquisition and merger of Troy Merger Sub Inc. with TXNM Energy Inc.; approval of a general diversification plan; and all other authorizations and approvals required to consummate and implement this transaction.

On August 25, 2025, PNM and TXNM Energy applied for regulatory approval to be acquired by Troy ParentCo LLC, a subsidiary of Blackstone Infrastructure. If approved, PNM will become an indirectly-owned subsidiary of Troy. Under New Mexico law, the Commission must consider the application, but the acquisition cannot occur in New Mexico without the Commission’s approval.

UPDATE: Hearing Examiners have denied a request by Prosperity Works to open a separate investigation into TXNM Energy, the parent company of PNM. Prosperity Works sought a $240 million rate credit for PNM customers, arguing that TXNM lost funds by failing to pursue a $350 million termination fee after the Commission invalidated an unapproved $400 million stock sale with a Blackstone affiliate. The Hearing Examiners determined that the Commission lacks authority over private contract disputes and that the invalidation did not automatically grant TXNM a clear right to recover the fee.

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PUBLIC COMMENT OPPORTUNITIES

To provide feedback on the PNM acquisition case, you can participate in person or online during the Commission’s regular open meetings by following the open meeting schedule. To speak in person or remotely, you must sign up by emailing public.comment@prc.nm.gov or calling 505-490-7910 by 5 p.m. the business day prior.

Alternatively, you may submit written testimony electronically using the PRCe360 or by mailing your comments to the Commission Records Management Bureau at P.O. Box 1269, Santa Fe, NM 87504. You must reference case number 25-00060-UT.