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Navigating the Blackstone and TXNM Energy Infrastructure Merger
TXNM Energy clears a major hurdle in its $11.5B Blackstone buyout
What happened
TXNM Energy said the US Federal Energy Regulatory Commission (FERC) approved Blackstone Infrastructure’s acquisition of the company in an $11.5 billion deal (including debt). TXNM also noted the Hart-Scott-Rodino (HSR) antitrust waiting period has expired, removing another key closing hurdle. Net: the “deal risk” premium likely shrinks, and the market starts trading the timeline to close more than the headline uncertainty.
Why traders care
1. Deal-risk compression: When regulators sign off, arbitrage spreads often…
The skinny
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