TXNM Energy clears regulatory hurdle as FERC greenlights Blackstone merger deal

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2026-02-21 03:10:27

TXNM Energy clears regulatory hurdle as FERC greenlights Blackstone merger deal

Investing.com

Sat, February 21, 2026 at 11:51 AM GMT+9 2 min read

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TXNM

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-3.57%

Investing.com – TXNM Energy (NYSE: TXNM) shares are holding steady in after-hours trading following a crucial announcement that the Federal Energy Regulatory Commission (FERC) has authorized its acquisition by Blackstone Infrastructure.

The federal regulator concluded that the transaction is “consistent with the public interest,” providing a significant boost to the merger’s path toward completion.

FERC dismisses private equity concerns

In a move closely watched by utility sector analysts, FERC rejected opposition that had centered on Blackstone’s extensive ownership of data centers and the broader implications of private equity control over public utilities. The commission found “no evidence” that the deal would impair state or federal regulation, harm competition, or lead to adverse effects on consumer rates.

The regulator specifically pointed to the “ring-fencing” protections already committed to in New Mexico and Texas as sufficient to protect the utility’s operations from the risks of its parent company.

Closing the regulatory gap

With FERC’s approval, the merger has now secured several critical clearances, including:

FCC Approval: Completed.

Antitrust (Hart-Scott-Rodino): Waiting period expired.

Texas Approval (PUCT): Settlement approved earlier this month.

Shareholder Approval: Overwhelmingly passed in August 2025.

The final finish line

Despite the federal win, two major checkpoints remain. The deal still requires the nod from the Nuclear Regulatory Commission and a final decision from the New Mexico Public Regulation Commission (NMPRC); the latter of which has historically been a tougher arena for utility mergers.

The bottom line

TXNM, which serves over 800,000 customers across the Southwest, is a key piece in Blackstone’s infrastructure strategy. While the stock currently carries a “Sell” consensus from some analysts due to previous regulatory uncertainty, this FERC authorization significantly de-risks the deal’s timeline, shifting the focus to the final state-level proceedings in New Mexico.

TXNM Energy clears regulatory hurdle as FERC greenlights Blackstone merger deal

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