New Mexico Regulators Block $400M Stock Transaction Involving Blackstone and PNM's Parent

New Mexico's Public Regulation Commission voted 2-1 to void a $400 million stock transaction in which Blackstone affiliates bought 8 million shares of TXNM Energy, PNM's parent, without prior regulatory approval. Each company was fined $100,000 and must file a compliance plan within 30 days. The ruling does not block Blackstone's broader bid for the utility but signals tougher scrutiny ahead.

New Mexico's Public Regulation Commission voted 2-1 to declare void a $400 million stock transaction between Blackstone affiliates and TXNM Energy, the parent company of utility PNM, ruling that the companies violated state law by completing the deal without first seeking regulatory approval. The BX entities had purchased 8 million TXNM shares for $400 million in July 2025.

The commission fined TXNM and the two Blackstone entities $100,000 each and gave them 30 days to submit a compliance report showing how they will unwind the transaction. Hearing examiners emphasized that the issue was the structure and sequencing of the deal rather than PNM's management, and the commission said the ruling does not directly affect utility customers.

The decision raises the regulatory temperature around Blackstone's broader bid to acquire New Mexico's largest electricity provider. While the order does not block the takeover itself, it signals that the PRC intends to scrutinize every step of the process. Watch the compliance filing, any appeal by the companies, and the timeline of the underlying acquisition review.