Blackstone acquisition of PNM faces opposition, gains labor union support
Leila Chapa and Paloma Chapa | August 10During a July 28 Public Regulation Commission hearing regarding Blackstone’s acquisition of PNM, New Mexico residents filled the UNM Student Union Building ballroom and staged a “mic check” protest, calling the 6-hour hearing a “mockery of the democratic process.” The PRC determined in June that TXNM — PNM’s parent company — and the private equity firm Blackstone violated state law in 2025 when they conducted a $400 million stock sale connected to the acquisition, according to Source NM.


