PNM and Blackstone reverse $400M stock sale, extend acquisition to 2027 for New Mexico clean energy goals

PNM and Blackstone have agreed to undo a $400 million early stock sale that bypassed New Mexico regulatory approval, and extended their acquisition timeline to May 2027. The New Mexico Public Regulatory Commission ordered the reversal after opponents argued the sale violated state law. PNM says it secured a loan to buy back the shares from Blackstone and will resell them to repay the loan. The acquisition, approved by PNM shareholders in August 2025, still needs final approval from the New Mexico PRC. It has already cleared the Texas PUC, FERC, and FCC. PNM states the deal is needed to fund large investments required to meet the state's zero-carbon energy targets. The extended timeline gives regulators more time to review the merger.