Latest news with #DonTarry
Yahoo
27-05-2025
- Business
- Yahoo
21 students honored for graduating from PNM's Power Pros program
NEW MEXICO (KRQE) – The Public Service Company of New Mexico (PNM) and the International Brotherhood of Electrical Workers honored 21 students from various cities in New Mexico as they graduated from the PNM Power Pros program. Power Pros is a 15-week career and technical education (CTE) program that prepares students for careers in the electric utility industry. Graduates of the program from ACE Leadership High School, Silver High, Cliff High School, and Cobre Consolidated High School all earned OSHA 10 certification and CTE course credits. City of Albuquerque offers free lunches for children over the summer 'PNM's investment in PNM Power Pros is an investment in our youth, our future, and our state,' said Don Tarry, President and CEO of PNM. 'We are committed to supporting New Mexico schools and communities, and we believe that developing a high-skilled energy workforce is crucial for tomorrow.' More schools in central and southern New Mexico are set to join the program this fall, and Deming High School will add the program to its after-school curriculum. To find out more about the program, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
19-05-2025
- Business
- Yahoo
PNM parent company announces $11.5B proposed sale to Blackstone Infrastructure
A proposed deal to sell PNM's parent company to a private equity firm would keep the company headquartered in New Mexico TXNM Energy, the parent company for New Mexico Public Service Company of New Mexico, announced early Monday morning it has entered an agreement to be acquired by Blackstone Infrastructure, in a deal valued at $11.5 billion. A PNM news release says the deal, if approved by the New Mexico Public Regulation Commission, along with Texas and federal regulators, would leave the company headquartered in New Mexico. 'This agreement will provide the financial resources necessary to thrive in this rapidly changing energy environment,' PNM President and CEO Don Tarry said in a statement 'Our focus has been and will continue to be on serving our customers with safe, reliable energy. This investment will help us meet the considerable growth in demand while supporting the transition to a clean energy future and unlocking New Mexico's potential for economic growth.' Under the proposed agreement, Blackstone Infrastructure will acquire TXNM Energy for $61.25 per share upon closing for a 'total enterprise value of $11.5 billion — including net debt — and TXNM Energy's stock would no longer be publicly traded. A news release says the company expects the process to be completed in the second half of 2026. Blackstone, which has $60 billion of assets under management, focuses on North American infrastructure platforms. The Wall Street Journal reports in the interim, Blackstone Infrastructure plans to invest $400 million in TXNM through the purchase of 8 million newly issued shares at $50 apiece to support TXNM's plans for growth. 'PNM has done an excellent job of transitioning its generation portfolio to clean energy and supporting the communities it serves,' Sean Klimczak, Blackstone's global head of infrastructure, said in a statement. 'We will utilize our long-term investment approach to support PNM's economic development efforts during New Mexico's sustainable generation transition. We share PNM's deep commitment to the customers and communities they serve and we look forward to meaningfully engaging with PNM's stakeholders.' TXNM's stocks reportedly rose 7% to a record high on Monday following the announcement.
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Business Standard
19-05-2025
- Business
- Business Standard
Blackstone to acquire TXNM Energy for $11.5 bn, bets on US energy demand
Blackstone Infrastructure is set to acquire utility firm TXNM Energy in an $11.5 billion deal (including debt), as the investment firm bets on rising US power demand and the transition towards cleaner energy, Reuters reported. TXNM's stock rose 9.2 per cent to $57.75 in pre-market trading on Monday after the New Mexico utility announced an all-cash offer from Blackstone Infrastructure valuing the company at $61.25 per share—approximately a 15 per cent premium to its previous closing price, according to LSEG data. With US power demand projected to reach an all-time high in 2025—driven by energy-intensive AI and cryptocurrency data centres along with increasing residential and commercial consumption—more companies are investing in utilities. Utility NRG Energy announced last week its plans to acquire certain power-generation assets from energy infrastructure investor LS Power in a transaction valued at about $12 billion. Blackstone was reportedly in talks to acquire the New Mexico- and Texas-focused utility, Reuters reported last week, citing sources familiar with the matter. Managing $60 billion in infrastructure assets, Blackstone views TXNM as a sound long-term investment due to its stable, regulated returns and the substantial capital required for grid modernisation. The long-term capital from Blackstone is expected to help TXNM meet its clean energy goals and rising electricity demand while maintaining grid reliability, the utility stated. It also plans to raise an additional $400 million in equity prior to completing the Blackstone deal. According to its official website, TXNM Energy supplies power to about 800,000 residential and commercial customers across New Mexico and Texas. Chief Executive Officer Pat Collawn will step down upon closure of the deal—anticipated in the latter half of 2026—and will be succeeded by company insider Don Tarry, TXNM Energy added.
Yahoo
19-05-2025
- Business
- Yahoo
Why Is TXNM Energy Stock Soaring On Monday?
TXNM Energy, Inc. (NYSE:TXNM) shares are trading higher premarket on Monday after the company agreed to be acquired by Blackstone Infrastructure for $61.25 per share in cash at closing. The acquisition price represents a 23.0% premium over TXNM Energy's unaffected 30-day volume weighted average price (VWAP) as of March 5, 2025, the day before media reports of a potential acquisition. This transaction reflects a total enterprise value of $11.5 billion, which includes net debt (excluding securitization debt) and preferred Infrastructure is also making a $400 million investment through a private placement agreement, purchasing 8 million newly issued shares of TXNM Energy common stock at $50 per share to support TXNM Energy's growth plans. This issuance is expected to be completed in June 2025. TXNM Energy anticipates issuing an additional $400 million of equity before the transaction closes to further support its growth. The transaction is being funded through equity and the assumption of existing debt, with no new debt expected to be issued as a result of the acquisition. TXNM Energy's Board of Directors has unanimously approved the transaction, which is estimated to close in the second half of 2026, pending shareholder and regulatory approvals. TXNM Energy shareholders can anticipate continued dividend payments through the transaction's closing, subject to the Board of Directors' approval. Upon closing the transaction, Pat Collawn will step down as Executive Chair. Notably, Pat Collawn transitioned from the current Chief Executive Officer to Executive Chair, effective July 1, 2025. Don Tarry will assume responsibility for the ongoing operations of TXNM Energy as President and CEO. Pat Collawn said, 'Our successes at TXNM Energy have stemmed from a deliberate approach to investing in PNM and TNMP in a manner aligned with the priorities of our customers and communities. We've integrated new resources to supply over two-thirds of PNM electricity needs with carbon-free energy and supported double-digit demand growth at TNMP.' Investors can gain exposure to the stock via Virtus Reaves Utilities ETF (NYSE:UTES) and Tema Electrification ETF (NASDAQ:VOLT). Price Action: TXNM shares are up 9.23% at $57.76 premarket at the last check on Monday. Image via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Why Is TXNM Energy Stock Soaring On Monday? originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
