TXNM Energy’s proposed sale to Troy ParentCo remains under review by New Mexico regulators, with evidentiary hearings now scheduled for January 19 through February 1, 2027. The company continues to anticipate closing in the first half of 2027, but the transaction has not yet received all required approvals.
Under the proposed deal, Troy’s merger subsidiary would combine with TXNM, leaving TXNM as a wholly owned subsidiary of Troy ParentCo.
Key details
- Hearing examiners for the New Mexico Public Regulation Commission have revised the schedule for reviewing the merger application. The evidentiary hearings are set to begin January 19, 2027, and run through February 1.
- TXNM, its utility subsidiary Public Service Company of New Mexico, Troy ParentCo and related parties filed their joint application for approval with the commission in August 2025.
- The deal remains subject to required regulatory approvals, including approval from the New Mexico commission, and other closing conditions.
- TXNM continues to expect the transaction to close in the first half of 2027, while saying it cannot predict the outcome of the regulatory review.
What changes for investors
The newly scheduled hearings establish the next major step in the New Mexico review, but they are not an approval of the merger. Until the required conditions are met, TXNM remains independent; if the deal closes as proposed, it will become a wholly owned subsidiary of Troy ParentCo.