PNM, private equity firm defend $400M stock sale to NM regulators

PNM defended a stock sale to Public Regulation Commissioners as protesters gathered to protest its sale to a private equity firm.

By: Joshua Bowling

Outlets: Source New Mexico

Published: May 1, 2026

Words: 683

Last Updated: 2 months, 4 weeks ago

Body Text Preview

Lawyers for New Mexico’s largest electric company and the private equity firm seeking to acquire it argued Thursday that a $400 million stock sale did not violate New Mexico law. The testimony came as part of an eight-hour evidentiary hearing before the Public Regulation Commission, during which protesters gathered outside PNM’s downtown headquarters.

Blackstone and PNM’s parent company, TXNM Energy Inc., jointly announced the proposed $11.5 billion acquisition in 2025. If approved, it would …

Create a free account to access this story and more

Join Plucky Wire to access full stories, collaborate with newsrooms, and discover content from networks around the world.

About

FAQ

Email Us