PNM, private equity firm contend $400M stock sale didn’t violate state law

By: Joshua Bowling

Outlets: Source New Mexico

Published: April 7, 2026

Words: 561

Last Updated: 3 months, 3 weeks ago

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Officials for New Mexico’s largest electric company and the private equity firm looking to acquire it told state regulators this week that they stand behind their $400 million stock sale. Critics, including environmental advocates and the New Mexico Attorney General, had previously questioned whether the sale violated state law and state regulators opened a formal investigation into the matter.

The state investigation was the latest development in the controversial proposed sale.

PNM’s parent company TXNM …

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