Kirkland Advises Blackstone Infrastructure on Take-Private of TXNM Energy
Kirkland & Ellis is advising Blackstone Infrastructure on a definitive agreement to acquire TXNM Energy for $61.25 per share in cash upon closing, reflecting a total enterprise value of $11.5 billion, including net debt (excluding securitization debt) and preferred stock. The transaction was announced May 19, 2025. 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.
Read the transaction press release
The Kirkland team includes corporate lawyers Rhett Van Syoc, Rob Goodin, Daniel Cadis, Debbie Yee, Camille Meissner, Peter Hyams, Markus Wang, Dane Christensen and Evan Chavez; debt finance lawyers Yuli Wang, Lauren Nickoloff and Melissa Hutson; capital markets lawyer Julian Seiguer; tax lawyers Mark Dundon and Nicole Martin; energy regulatory lawyers Brooksany Barrowes, John Decker and Damien Lyster; and environmental transactions lawyers Jim Dolphin and Anna Todd; executive compensation lawyers Stephen Jacobson, Sally Ye and Dillon Jones; employee benefits lawyer Justin Coddington; and employment & labor lawyers R.D. Kohut and Madeline Klebanov.
