BX · News · 20260916N
PNM Merger Regulatory Review
Blackstone Inc. · 2026-09-16 · Importance 90 · Surprise 100 · In source text
PNM and Blackstone revised their merger application to offer $220 million in rate credits to customers, more than twice the initial proposal. The total benefits package is valued at $300 million, including $80 million for workforce development, technology, and low-income ratepayer assistance. The proposed merger has an enterprise value of $11.5 billion and is intended to address an earlier setback related to a stock sale.
Key facts
- The new proposal totals $300 million in benefits and aims to secure approval for the $11.5 billion merger. source
- PNM and Blackstone have proposed $220 million in rate credits for customers as part of their revised merger application. source
- The benefits package includes $80 million for workforce development, technology, and assistance for low-income ratepayers. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | probable | -0.2% | PNM and Blackstone have proposed $220 million in rate credits for customers as part of their revised merger application. |
| liability | negative | probable | -0.1% | The benefits package includes $80 million for workforce development, technology, and assistance for low-income ratepayers. |