Energy Acquisitions in New Mexico

TXNM Energy (NYSE: TXNM), the Albuquerque-based energy holding company that owns regulated utilities PNM and TNMP, has agreed to be acquired by Blackstone Infrastructure for $61.25 per share in cash, implying an enterprise value of $11.5 billion. Blackstone Infrastructure will fund the purchase with equity, make a concurrent $400 million private placement in TXNM, and intends to keep PNM and TNMP locally managed while supporting long-term investments for the energy transition; the deal is expected to close in the second half of 2026 subject to regulatory and shareholder approvals.

Houston-based private equity firm Pelican Energy Partners has acquired Lancs Industries, an Albuquerque-based manufacturer of radiation containment and shielding solutions serving the DOE, commercial nuclear, U.S. Navy, national laboratories and pharmaceutical sectors. Pelican said the deal will support growth and job creation in Albuquerque as the firm looks to expand capabilities in the nuclear supply chain.

Energy Systems Group (ESG) has acquired Yearout Energy Services to expand its national footprint and strengthen its service offerings in the Southwest, including Texas, Colorado, Arizona and New Mexico. Yearout’s management, led by President Colby Geer, will remain in place as part of ESG’s leadership team to accelerate growth and deliver expanded design-build, energy-efficiency, distributed generation and O&M services to public and private sector clients.

Critical Energy Infrastructure Services (CEIS), a platform backed by White Wolf Capital, has acquired Clover Leaf Solutions, a New Mexico–based provider of consulting and staffing services to Department of Energy laboratories and commercial clients. The acquisition is the second add-on to the CEIS platform and is intended to expand CEIS's geographic reach and service offerings across the U.S.; financial terms were not disclosed.

BayoTech received an equity investment of up to $157 million led by growth equity firm Newlight Partners, with participation from Cottonwood Technology Fund, Sun Mountain Capital and Fortistar. The capital will accelerate BayoTech’s product and project development and infrastructure expansion for its on‑site hydrogen generation and Gas‑as‑a‑Service offerings.