NM AG raises questions about $400M stock sale in proposed PNM acquisition

By: Joshua Bowling

Outlets: Source New Mexico

Published: February 20, 2026

Words: 545

Last Updated: 2 weeks, 5 days ago

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New Mexico Attorney General Raúl Torrez on Thursday told state utility regulators that he feared a $400 million stock sale between PNM’s parent company and an affiliate of the private equity firm attempting to buy PNM may have violated state law.

Private equity firm Blackstone Infrastructure and TXNM Energy Inc, which owns New Mexico’s largest power company, jointly announced acquisition plans last May. The companies asked members of the New Mexico Public Regulation …

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