Business
TXNM Energy Directors and Officers Agree to 61-Day Lock-Up Ending October 31, 2026
By News Desk ·
Key takeaways
- TXNM Energy directors and executive officers entered lock-up agreements with the underwriter covering a 61-day period from August 31 to October 31, 2026.
- The lock-up bars restricted transactions without the underwriter's prior written consent.
- TXNM Energy is the subject of a pending $11.5 billion take-private acquisition by Blackstone Infrastructure at $61.25 per share.
Directors and executive officers of TXNM Energy, Inc. entered into lock-up agreements with the underwriter that restrict them from restricted transactions for 61 days, from August 31, 2026 to October 31, 2026. MarketScreener published the lock-up notice on October 31, 2026.
How the TXNM Energy Lock-Up Works
The agreements were signed with the underwriter before the offering began, according to the notice. Each director and executive officer agreed that, without the underwriter's prior written consent, they would not engage in restricted transactions during the period starting on the date of the applicable lock-up agreement and ending on the 60th day following the date of the prospectus supplement.
The notice describes the lock-up period as 61 days, running from August 31, 2026 to October 31, 2026. TXNM Energy is a holding company that provides electricity and electric services in New Mexico and Texas through two regulated utilities, Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). Its segments are PNM, TNMP, and Corporate and other.
The PNM segment generates, transmits, and distributes electricity for retail customers in New Mexico and also sells electricity into the wholesale market to serve those customers. The TNMP segment provides transmission and distribution services at regulated rates to retail electric providers and to other utilities that interconnect with its facilities. The Corporate and Other segment covers TXNM holding company activities.
TXNM Energy's Pending Blackstone Take-Private
TXNM Energy is a publicly traded utility holding company serving more than 800,000 residential, commercial, and industrial customers across New Mexico and Texas through PNM and TNMP, according to akta.pro company records. The same records put the pending acquisition by Blackstone Infrastructure at $61.25 per share, representing approximately $11.5 billion enterprise value including net debt and preferred stock, announced May 19, 2025, with closing anticipated in the second half of 2026.
The same records list a 2026-08 post ipo equity round of $400 million and a 2026-07 post ipo debt round of $400 million. TXNM Energy updated its five-year capital investment plan for 2026-2030 to $10.2 billion, with PNM investments of $4.94 billion and TNMP investments of $4.93 billion.
Merger Hearings Set for January 2027
TXNM Energy set evidentiary hearings for its proposed merger from January 19 to February 1, 2027, and expects closing in the first half of 2027, TradingView reported on October 28, 2026. The merger remains subject to customary conditions, including NMPRC approval, and the company cannot predict the outcome.
In September 2026, TXNM Energy and Blackstone Infrastructure filed a motion with the New Mexico Public Regulation Commission to revise their merger application, proposing $300 million in customer and community benefits, Stock Titan reported on September 15, 2026.
What Comes After October 31
The lock-up period ends on October 31, 2026. Evidentiary hearings on the proposed merger are scheduled from January 19 to February 1, 2027, and TXNM Energy expects the merger to close in the first half of 2027, subject to NMPRC approval.