Blackstone Infrastructure will acquire utility company TXNM Energy in an $11.5 billion deal, including debt, as the investment firm bets on rising U.S. electricity demand and a shift to cleaner energy sources.

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.

Blackstone Infrastructure has agreed to acquire TXNM Energy for $61.25 per share in cash, reflecting a total enterprise value of $11.5bn including net debt and preferred stock. The acquisition provides significant capital to support TXNM Energy's subsidiaries,