TXNM Energy clears a major hurdle in its $11.5B Blackstone buyout

What happened

TXNM Energy said the US Federal Energy Regulatory Commission (FERC) approved Blackstone Infrastructure’s acquisition of the company in an $11.5 billion deal (including debt). TXNM also noted the Hart-Scott-Rodino (HSR) antitrust waiting period has expired, removing another key closing hurdle. Net: the “deal risk” premium likely shrinks, and the market starts trading the timeline to close more than the headline uncertainty.

Why traders care

1. Deal-risk compression: When regulators sign off, arbitrage spreads often tighten and the target can trade closer to the implied takeout value.

2. Read-through for regulated utility M and A: Another sign that large infrastructure-style utility deals can clear federal review without trigg ...