India, May 19 -- TXNM Energy, Inc. (TXNM) Monday said it has agreed to be acquired by Blackstone Infrastructure in a transaction with an enterprise value of $115.5 billion or $61.25 per share in cash. Following the news, TXNM shares were more than 9% up in the pre-market.
TXNM Energy, through its subsidiaries PNM and TNMP, provides electricity in New Mexico and Texas, respectively.
The purchase price of $61.25 per share represents a premium of 23% to TXNM stock's average price as on March 5, the day before an article reporting a developing acquisition of TXNM Energy.
Upon closing the deal, TXNM Energy, PNM and TNMP will retain their workforce and continue to be led by their current management teams.
Blackstone Infrastructure is also inv...