Troutman Pepper Locke represented TXNM Energy, Inc. in its agreement to be acquired by Blackstone Infrastructure for $61.25 per share in cash, for a total enterprise value of $11.5 billion, including net debt (excluding securitization debt) and preferred stock. TXNM Energy, through its subsidiaries PNM and TNMP, is focused on cost-effective solutions to provide safe, reliable power to meet customer needs across New Mexico and Texas. Under the terms of the agreement, Blackstone Infrastructure is also investing $400 million through the purchase of 8 million newly issued shares of TXNM Energy common stock at $50 per share to support TXNM Energy’s industry-leading growth plans.
The team counseling TXNM Energy is led by Mason Bayler, Heather Ducat, Coby Beck, and Dave Meyers, and includes corporate attorneys Eric Koontz, Teddy Damgard, Regina Tisdale, Thomas Bright, Cody Mathis, and Joshua Eastwood; finance attorneys Jonathan Homer and Ted Fauls; tax and benefits attorneys Jeff Banish, Howard Goldberg, and Roger Reigner; and regulatory attorneys Chris Jones, Barbara Sicalides, and Marc Machlin.