Asset manager Blackstone is expanding its flourishing infrastructure business with a deal to buy energy holding company TXNM Energy for nearly $5.7 billion in cash.Blackstone Infrastructure has agreed to pay $61.

Key Takeaways TXNM Energy agreed to be bought by Blackstone's infrastructure division for $11.5 billion in cash and debt.The agreement is for $61.25 per share, a nearly 16% premium to TXNM's closing price on Friday.

Blackstone's infrastructure unit will acquire TXNM Energy in a $11.5 billion deal, including debt, the utility firm said on Monday.