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 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.

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.