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: Earlier this month, the Commission determined that a 2025 stock purchase involving PNM – connected to the broader acquisition – violated state law because it took place without the required approval. The Commission ruled that the transaction is legally void and canceled the existing procedural schedule for the acquisition case. The process will resume after the companies submit a plan to address the unapproved stock deal. A final decision on the acquisition is still pending and will move forward after an evidentiary hearing is rescheduled and completed.

UPDATE: The Commission will host an in person public comment hearing from 1:00 – 7:00 p.m. on July 28 at the UNM Student Union Building, Ballroom C, located at 2010 Campus Blvd. NE in Albuquerque. Anyone wishing to speak at the comment hearing may do so by signing in at the venue, where speakers will be called in the order they sign up. The hearing will also be broadcast on the Commission’s YouTube channel. Please note that only in‑person comments will be taken.

Click Here to read a list of FAQs regarding this case.

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 virtually, you must sign up to request a Zoom link by emailing public.comment@prc.nm.gov or calling 505-490-7910 by 5 p.m. the business day prior; however, no advance registration is required for those attending in person.

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.