Home / Business and Economy / Blackstone's $13M Dividend Clash With NM Regulators
Blackstone's $13M Dividend Clash With NM Regulators
31 Jul
Summary
- Blackstone kept $13M in dividends after an illegal stock deal.
- NM regulators ordered the $400M TXNM Energy stock sale unwound.
- The firm faces $300K in fines for violating state law.
New Mexico regulators have determined that a $400 million stock transaction by Blackstone, the world's largest private equity firm, was illegal. The transaction involved shares of TXNM Energy, parent company of Public Service Company of New Mexico (PNM).
As part of its proposed $11.5 billion acquisition of TXNM, Blackstone's holding company, Troy TopCo, purchased the shares in June 2025. This deal closed without required regulatory approval.
Despite regulators ordering the stock sale "void and of no effect" and imposing $300,000 in fines earlier this month, Troy TopCo retained over $13 million in dividends. The compliance report indicates this was in lieu of interest payments on the $400 million that TXNM had effectively loaned to Troy TopCo via a Wells Fargo loan.
Residents have voiced significant opposition to Blackstone's potential takeover of PNM, with hundreds attending public meetings to urge regulators to reject the acquisition.
