In a potential hurdle to Blackstone Infrastructure's acquisition of TXNM Energy, state regulators have ordered Blackstone to provide legal justification of its purchase of 8 million shares of TXNM Stock without the regulators' consent.

FERC approved Blackstone Infrastructure’s proposed $11.5 billion acquisition of TXNM Energy, rejecting concerns the deal could lead to adverse impacts on competition and rates.

PNM will provide $175 million in benefits to customers and New Mexico as part of Blackstone Infrastructure’s acquisition of its parent company, TXNM Energy.