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.

Rumors of the potential sale began in March. The transaction, unanimously approved by TXNM Energy’s board of directors, is expected to close during the second half of 2026.