(Reuters) – The infrastructure investing arm of asset manager Blackstone is in talks to buy New Mexico and Texas-focused utility TXNM Energy, a person familiar with the matter said on Monday.
Conversations between Blackstone Infrastructure Partners and TXNM about structuring an agreement are ongoing, said the source, who cautioned the situation was fluid and there was no guarantee a deal would be struck.
The source spoke on condition of anonymity to discuss confidential deliberations.
Bloomberg News earlier on Monday reported the two parties were in talks for an agreement that could be reached in the coming weeks, citing people familiar with the matter.
TXNM did not respond to a comment request. Blackstone declined to comment.
Based in Albuquerque, New Mexico, TXNM Energy provides electricity to 800,000 homes and businesses in New Mexico and Texas, according to its website.
The company, at the time called PNM Resources, had agreed a sale in 2020 to Avangrid. However, more than three years after the initial agreement was struck, the two sides walked away from the deal due to regulatory opposition.
(Reporting by David French in New York; Editing by Nia Williams)
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