m&a moves

Investment giant to acquire TXNM Energy for $11.5 billion

Blackstone Infrastructure, an affiliate of Blackstone Inc., will acquire a major Texas electricity provider. Photo via Shutterstock

Blackstone Infrastructure, an investment giant with $600 million in assets under management, has agreed to buy publicly traded TXNM Energy in a debt-and-stock deal valued at $11.5 billion.

TXNM Energy is the parent company of Lewisville-based Texas New Mexico Power (TNMP), which supplies electricity to more than 270,000 homes and businesses throughout Texas. Its Houston-area service territory includes Alvin, Angleton, Brazoria, Dickinson, Friendswood, La Marque, League City, Sweeny, Texas City and West Columbia.

Once Blackstone Infrastructure wraps up the deal in the second half of 2026, Albuquerque, New Mexico-based TXNM will no longer be a public company. But TNMP’s headquarters will remain in Texas and its rates will continue to be set by the Public Utility Commission of Texas. TNMP was founded in 1934.

Blackstone Infrastructure is affiliated with investment powerhouse Blackstone Inc., which has $1.2 trillion in assets under management and is the world’s largest investment manager.

“TNMP has done an excellent job of meeting its customers’ growing demand for electricity and supporting the communities it serves,” Sean Klimczak, Blackstone’s global head of infrastructure, said in a news release. “We look forward to utilizing our long-term investment commitments to support TNMP as they continue on this path of high-demand growth across Texas.”

During TXNM’s fourth-quarter earnings call in February, Chairwoman and CEO Patricia Vincent-Collawn said the company’s five-year Texas capital investment plan had grown by more than $1 billion.

“Our future is so bright with these increased investment levels that we are now targeting earnings growth of 7 percent to 9 percent through 2029,” Vincent-Collawn said.

“Our financial expectations are driven by the continued expansion of grid infrastructure supporting growth and reliability in our Texas service territory,” she added.

In 2024, TXNM reported revenue of $1.96 billion, up 1.7 percent from the previous year.

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A View From HETI

Nominal, a Los Angeles-based software development firm, will host workshops and office hours at Greentown Houston. Photo courtesy of Greentown Labs

Greentown Labs has partnered with Los Angeles-based software development firm Nominal to launch the new Industrial Center of Excellence at Greentown's Houston incubator.

Nominal will provide access to its connected test and operations stack to help engineers working at Greentown Houston startups boost their "efficiency, automation, and scalability," according to a news release. The news comes just a few days after Greentown announced a partnership with Houston-based EnergyTech Nexus, which will also open an investor lounge on-site.

"Our mission is to remove friction for innovative entrepreneurs, so they can rapidly scale their transformative solutions," Lawson Gow, Greentown's Head of Houston, said in the release. "The Industrial Center of Excellence with Nominal will complement Greentown's robust prototyping, equipment, and lab offerings to accelerate entrepreneurs' ability to bring disruptive technologies out of the lab and into the world."

According to Greentown and Nominal, the partnership will support startups that are focused on decarbonizing the manufacturing sector, which Greentown estimates represents about a third of startups in its Houston incubator.

The new center will host specialized workshops and Nominal will now offer weekly office hours for Greentown startups.

"The future belongs to teams who can deliver resilient hardware faster than anyone else," Bryce Strauss, co-founder of Nominal, added in the statement. "Competitive edge is defined by test velocity. Nominal is building a connected stack of software tools where every discipline works shoulder-to-shoulder to make confident, real-time decisions."

Nominal, which supports engineering work in the aerospace, energy, automotive and defense industries, closed a $75 million series B round this summer.

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