TXNM Energy shares remained stable in after-hours trading as the Federal Energy Regulatory Commission approved its acquisition by Blackstone Infrastructure. The federal regulator determined the transaction is "consistent with the public interest," marking a significant milestone in the utility's $4.3 billion sale to the private equity giant. This approval removes a major regulatory hurdle for the deal.

FERC specifically dismissed concerns about Blackstone's extensive data center holdings and private equity control over public utilities. The commission found "no evidence" the merger would impair state or federal regulation, harm competition, or negatively impact consumer rates. Regulators cited existing "ring-fencing" protections in New Mexico and Texas as sufficient safeguards for the utility's operations.

With FERC's approval secured, the merger has now obtained several critical clearances including FCC approval, expired Hart-Scott-Rodino antitrust waiting period, and Texas Public Utility Commission settlement. Shareholder approval passed overwhelmingly in August 2025. However, two major regulatory checkpoints remain: Nuclear Regulatory Commission approval and a final decision from the New Mexico Public Regulation Commission, which has historically posed challenges for utility mergers.

The transaction represents a key piece of Blackstone's infrastructure strategy, with TXNM serving over 800,000 customers across the Southwest. While some analysts maintain a "Sell" rating due to previous regulatory uncertainty, this federal authorization significantly reduces execution risk and shifts focus to final state-level proceedings.