TXNM Energy (NYSE: TXNM) and Blackstone Infrastructure have extended their merger agreement termination date to May 31, 2027, to allow additional time to obtain outstanding regulatory approvals.

The transaction has already received approval from the Public Utility Commission of Texas, the Federal Energy Regulatory Commission, the Federal Communications Commission, and under the Hart-Scott-Rodino Antitrust Improvements Act. TXNM Energy shareholders approved the merger in August 2025.

Remaining approvals are pending from the Nuclear Regulatory Commission and the New Mexico Public Regulation Commission (NMPRC). The NMPRC's procedural schedule has been paused pending the filing and review of a compliance report related to a 2025 stock transaction between TXNM Energy and Blackstone Infrastructure that was subsequently voided.

To unwind that voided stock transaction, TXNM Energy has entered into a $400 million term loan. The company plans to issue common stock to repay the loan.

The joint applicants intend to file a compliance report with the NMPRC before the end of July 2026. Pending re-establishment of a procedural schedule, the transaction is estimated to close in the first half of 2027.

Don Tarry, President and CEO of TXNM Energy, said the partnership is "critical to TXNM Energy's long-term ability to provide clean, affordable and reliable power to the customers we serve." Sean Klimczak, Global Head of Blackstone Infrastructure, said the extension reflects a commitment "to continue to work collaboratively with stakeholders."

TXNM Energy is an Albuquerque, New Mexico-based energy holding company that serves more than 800,000 homes and businesses across New Mexico and Texas through its regulated utilities, PNM and TNMP.