Txnm Energy, Inc. · NYSE:TXNM
Txnm Energy — Merger or Acquisition (May 2025)
9 slides from Txnm Energy's merger presentation, May 19, 2025
Slide 1: Acquisition of TXNM Energy by Blackstone Infrastructure
Acquisition of TXNM Energy by Blackstone Infrastructure May 19, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements FORWARD-LOOKING STATEMENTS Statements made in this presentation that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. These forward-looking
Slide 3: Additional Information
Additional Information Additional Information about the Proposed Transaction and Where to Find It The proposed transaction between TXNM Energy and Blackstone Infrastructure will be submitted to the shareholders of TXNM Energy for their consideration. TXNM Energy will file a proxy statement on Schedu
Slide 4: Transaction Summary
Transaction Summary TXNM Energy Enters Agreement to be Acquired by Blackstone Infrastructure Business as Usual at TXNM Energy, PNM and TNMP • TXNM Energy, PNM and TNMP remain locally managed and operated • Headquarters remain in New Mexico and Texas • Employees retained and union contracts honored •
Slide 5: About Blackstone Infrastructure
About Blackstone Infrastructure Long-term Large-scale investor with $60Bn of assets under management approach to infrastructure Permanent capital enables decades-long partnership and investment investing Open-ended fund provides financial scale and strength Allows management to focus on execution of
Slide 6: Customer, Employee and Community Benefits
Customer, Employee and Community Benefits Keeping Customers First CleanMaintaining Energy Local Strong PresenceFinancial • Prioritize cost-effective solutions and Leadership to provide safe, reliable power to Focus Profile • TXNM Energy, PNM and TNMP meet customer needs will remain locally operated
Slide 7: Financing Considerations
Financing Considerations • Shareholders to receive $61.25 per share in cash Share price upon closing, reflecting a 23.0% premium to 30-day unaffected VWAP as of March 5, 2025 • Blackstone Infrastructure investing $400MM of Private Placement Equity equity through the purchase of 8MM newly issued shar
Slide 8: Approval Process
Approval Process Estimated to be completed in the second half of 2026 after receipt of regulatory approvals Shareholder Approval • Proxy expected within 60 days • Meeting/vote to follow Regulatory Approvals • New Mexico Public Regulation Commission (NMPRC) • Public Utility Commission of Texas (PUCT)
Slide 9: Questions and Answers
Questions and Answers