---
schema_version: "secwatch.filing_event.v1"
accession: "0001108426-26-000042"
form_type: "8-K"
ticker: "TXNM"
cik: "0001108426"
company_name: "TXNM ENERGY INC"
filed_at: "2026-07-17T21:45:04+00:00"
generated_at: "2026-07-20T10:06:34.220342+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# TXNM extends merger with Blackstone to May 2027, cuts termination fee to $175M, takes $400M loan

## Summary
- Merger termination date extended to May 31, 2027; TXNM waived $175M of $350M termination fee, reducing it to $175M.
- TXNM entered $400M term loan (Wells Fargo) to repay PIPE investment; plans to issue equity to repay loan.
- NMPRC voided the 2025 PIPE stock sale; parties waived breaches and agreed to file compliance report by end of July 2026.
- Merger already approved by PUCT, FERC, FCC, HSR; pending NRC and NMPRC; estimated close first half 2027.
- TXNM shareholders approved merger in August 2025; Blackstone Infrastructure reaffirms commitment.

## SEC filing metadata
- accession: 0001108426-26-000042
- form_type: 8-K
- ticker: TXNM
- cik: 0001108426
- company_name: TXNM ENERGY INC
- filed_at: 2026-07-17T21:45:04+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1108426/000110842626000042/0001108426-26-000042-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/81023/000110842626000042/pnm-20260717.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001108426-26-000042
- JSON: https://secwatch.observer/filing/0001108426-26-000042.json
- Plain text: https://secwatch.observer/filing/0001108426-26-000042.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.