Blackstone Infrastructure will acquire utility company TXNM Energy in an $11.5 billion deal, including debt, as the investment firm bets on rising U.S. electricity demand and a shift to cleaner energy sources.

Key Takeaways TXNM Energy agreed to be bought by Blackstone's infrastructure division for $11.5 billion in cash and debt.The agreement is for $61.25 per share, a nearly 16% premium to TXNM's closing price on Friday.

Blackstone Infrastructure has agreed to acquire TXNM Energy for $61.25 per share in cash, reflecting a total enterprise value of $11.5bn including net debt and preferred stock. The acquisition provides significant capital to support TXNM Energy's subsidiaries,