secwatch.observer — SEC 8-K summary
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Issuer:     TXNM ENERGY INC (TXNM)
CIK:        0001108426
Form:       8-K
Filed at:   2025-05-19T23:59:59+00:00
Accession:  0001108426-25-000048
Event type: m_and_a
Sentiment:  neutral
Materiality: 1.00
Item codes: 1.01, 2.04, 2.03, 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TXNM Energy to be acquired by Blackstone Infrastructure Partners for $61.25 per share in cash
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- Merger agreement signed May 18, 2025; TXNM shareholders to receive $61.25/share cash, no financing condition.
- Blackstone affiliate also to purchase 8M new shares at $50/share for $400M via separate Stock Purchase Agreement.
- Closing expected in H2 2026, subject to TXNM shareholder vote, FERC, NMPRC, PUCT, NRC, and HSR approvals.
- TXNM termination fee of $210M; Parent termination fee of $350M; BIP provides $375M limited guarantee.
- TXNM and TNMP entered $910M revolver and $1.505B term loan backstop facilities to manage potential defaults.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1108426/000110842625000048/0001108426-25-000048-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/22767/000110842625000048/pnm-20250519.htm
  HTML page:      https://secwatch.observer/filing/0001108426-25-000048

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