TXNM Energy and Blackstone said they have extended the terms of their $11.5 billion merger agreement, with the companies now estimating the transaction will close in the first half of 2027. The extension follows a New Mexico Public Regulation Commission decision ordering the companies to unwind a $400 million TXNM stock sale to Blackstone affiliates, saying it lacked PRC approval and was illegal, and imposing $300,000 in fines. TXNM said it entered into a $400 million loan to reverse the stock sale and that the debt will sit at the parent company level. The transaction still requires final approvals from New Mexico’s PRC and the U.S. Nuclear Regulatory Commission, and TXNM shares fell on the day.