Blackstone's PNM acquisition raises transparency concerns in New Mexico

Retired executive questions deal, citing potential conflicts of interest and lack of public oversight

Published on Feb. 22, 2026

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A retired Albuquerque-based business executive has raised concerns over Blackstone's proposed acquisition of Public Service Company of New Mexico's (PNM) parent company TXNM Energy. The op-ed author argues the deal would reduce transparency and public oversight, as PNM would become a private, wholly-owned subsidiary of Blackstone, a large private equity firm. The author also questions whether the deal is truly necessary for PNM to invest in infrastructure and transition to cleaner energy, and highlights potential conflicts of interest involving the New Mexico State Investment Council's ties to Blackstone.

Why it matters

The proposed Blackstone-PNM deal has sparked public outrage due to concerns over reduced transparency and public oversight of the utility once it becomes a private, wholly-owned subsidiary. There are also questions about whether the deal is necessary for PNM's investments and whether it could create conflicts of interest involving the state's investment fund.

The details

The op-ed author argues that as a public company, TXNM Energy is currently subject to transparency and disclosure requirements from the SEC, but that would change if Blackstone fully privatizes the company. The author also questions Blackstone's claims that its "financial capacity" is essential for PNM to invest in infrastructure and transition to cleaner energy, arguing there is ample capital available for such investments without a private equity takeover. Additionally, the author highlights that Blackstone is offering a 23% premium to current TXNM shareholders, many of whom are large institutional investors with ties to Blackstone, raising concerns about a potential windfall for TXNM executives.

  • Blackstone announced its proposed acquisition of TXNM Energy, PNM's parent company, in February 2026.

The players

Blackstone

A large private equity firm that has proposed acquiring Public Service Company of New Mexico's (PNM) parent company TXNM Energy.

TXNM Energy

The parent company of Public Service Company of New Mexico (PNM), a public utility that Blackstone has proposed acquiring.

New Mexico State Investment Council (SIC)

A $71 billion state investment fund that is an investor in Blackstone's Infrastructure Partners, which is funding the TXNM deal, raising potential conflicts of interest.

Don Tarry

The CEO of TXNM Energy, whose compensation package is expected to significantly increase if the Blackstone acquisition goes through.

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What’s next

The New Mexico Public Regulation Commission will need to review and approve the proposed Blackstone acquisition of TXNM Energy, PNM's parent company.

The takeaway

The Blackstone-PNM deal has raised significant concerns about transparency, conflicts of interest, and whether the acquisition is truly necessary for PNM to invest in infrastructure and transition to cleaner energy. The reduction in public oversight once PNM becomes a private, wholly-owned subsidiary of Blackstone is a key issue for New Mexico residents and policymakers to consider.