EQT, through its EQT Transition Infrastructure strategy, enters exclusive negotiations with Waga Energy to create a global leader in the production of renewable natural gas from waste.
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COLUMBUS, Ohio, June 5, 2025 /PRNewswire/ — American Electric Power (Nasdaq: AEP), KKR and PSP Investments have completed the transaction announced in January 2025 for KKR and PSP Investments to jointly invest $2.82 billion for a 19.9% equity interest in AEP’s Ohio and Indiana Michigan transmission companies. The 19.9% minority equity interest represents approximately 5% of AEP’s total transmission rate base.
More than 20 gigawatts of new power demand is expected across AEP’s footprint by the end of the decade. In addition, AEP continues to see further interest from almost 600 new and existing customers representing nearly 180 gigawatts of energy demand looking to connect to AEP’s transmission system. This strategic partnership will enable further infrastructure development to support the growth opportunities in AEP’s Indiana, Michigan and Ohio service territories. AEP will continue to operate and maintain these transmission facilities.
“AEP built the nation’s largest transmission grid, and our position as an industry leader in the transmission space enabled us to attract world-class partners like KKR and PSP Investments that have a history of investing in and developing vital infrastructure projects,” said Bill Fehrman, AEP president and chief executive officer. “Our customers and communities will benefit from the initial investment, which supports the execution of our five-year, $54 billion capital plan, and this strategic partnership will facilitate ongoing investment in the critical infrastructure needed to support our customers and enhance reliability in Indiana, Michigan and Ohio.”
“We are honored that AEP has entrusted us to support their efforts to modernize their transmission systems in order to better meet increased customer demand and further enhance grid reliability,” said Kathleen Lawler, managing director, KKR. “We look forward to working closely alongside PSP Investments to bolster AEP’s commitment to providing communities with reliable, affordable power.”
“PSP Investments is pleased to strategically partner with AEP to support its ambitious growth plan that will reinforce its position as an industry leader in the transmission space,” said Michael Rosenfeld, managing director, Infrastructure Investments, PSP Investments. “We look forward to participating in the development of critical transmission infrastructure in some of AEP’s fastest-growing service territories and are excited to embark on this journey alongside KKR.”
About AEP
Our team at American Electric Power (Nasdaq: AEP) is committed to improving our customers’ lives with reliable, affordable power. We are investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. Our nearly 16,000 employees operate and maintain the nation’s largest electric transmission system with 40,000 line miles, along with more than 225,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 29,000 megawatts of diverse generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $264.9 billion of net assets under management as of March 31, 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.
SOURCE American Electric Power
COLUMBUS, Ohio, June 5, 2025 /PRNewswire/ — American Electric Power (Nasdaq: AEP), KKR and PSP Investments have completed the transaction announced in January 2025 for KKR and PSP Investments to jointly invest $2.82 billion for a 19.9% equity interest in AEP’s Ohio and Indiana Michigan transmission companies. The 19.9% minority equity interest represents approximately 5% of AEP’s total transmission rate base.
More than 20 gigawatts of new power demand is expected across AEP’s footprint by the end of the decade. In addition, AEP continues to see further interest from almost 600 new and existing customers representing nearly 180 gigawatts of energy demand looking to connect to AEP’s transmission system. This strategic partnership will enable further infrastructure development to support the growth opportunities in AEP’s Indiana, Michigan and Ohio service territories. AEP will continue to operate and maintain these transmission facilities.
“AEP built the nation’s largest transmission grid, and our position as an industry leader in the transmission space enabled us to attract world-class partners like KKR and PSP Investments that have a history of investing in and developing vital infrastructure projects,” said Bill Fehrman, AEP president and chief executive officer. “Our customers and communities will benefit from the initial investment, which supports the execution of our five-year, $54 billion capital plan, and this strategic partnership will facilitate ongoing investment in the critical infrastructure needed to support our customers and enhance reliability in Indiana, Michigan and Ohio.”
“We are honored that AEP has entrusted us to support their efforts to modernize their transmission systems in order to better meet increased customer demand and further enhance grid reliability,” said Kathleen Lawler, managing director, KKR. “We look forward to working closely alongside PSP Investments to bolster AEP’s commitment to providing communities with reliable, affordable power.”
“PSP Investments is pleased to strategically partner with AEP to support its ambitious growth plan that will reinforce its position as an industry leader in the transmission space,” said Michael Rosenfeld, managing director, Infrastructure Investments, PSP Investments. “We look forward to participating in the development of critical transmission infrastructure in some of AEP’s fastest-growing service territories and are excited to embark on this journey alongside KKR.”
About AEP
Our team at American Electric Power (Nasdaq: AEP) is committed to improving our customers’ lives with reliable, affordable power. We are investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. Our nearly 16,000 employees operate and maintain the nation’s largest electric transmission system with 40,000 line miles, along with more than 225,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 29,000 megawatts of diverse generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $264.9 billion of net assets under management as of March 31, 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.
SOURCE American Electric Power
Ardian, a world-leading private investment firm, today announces an exclusive agreement to acquire a majority stake in MasterGrid, a leading provider of maintenance services and manufacturer of equipment for critical electrical infrastructure, notably on the most technical high-voltage segment. The Company’s founders and employees will also significantly reinvest alongside Ardian, which will support the Company to accelerate its growth plans worldwide.
Headquartered in Grenoble and historically a business unit of Siemens, MasterGrid was carved out by Siemens to Andera Partners in 2019. Since then, the Group, which was focused on the manufacturing and maintenance of Merlin Gerin installed base of equipment, has successfully diversified its offering and expanded into 11 new countries both through organic and external growths (7 acquisitions realized since 2020).
Today, MasterGrid operates across three main segments: proprietary services and equipment (manufacturing, spare parts and maintenance), services on third party equipment, and engineering & solutions. The Company mainly provides its services and equipment to power generation companies, transmission & distribution system operators, and private connections for industries and infrastructures.
MasterGrid is ideally positioned in a market driven by key megatrends around the sustainable energy transition, ageing infrastructure, and growing electricity needs. These trends are expected to drive further demand from MasterGrid’s customers, enhancing the Company’s long-term growth prospects.
Ardian’s investment will support MasterGrid’s ambitious growth strategy. With its unique technical expertise and long-standing client relationships, the company plans to capitalize on the expected massive investments in the electricity infrastructures, pursue the diversification in new equipment, and further accelerate its international expansion, particularly in Europe and the Middle East.
The completion of the transaction is subject to the opinion of the Group’s employee representative bodies and the approval of the relevant regulatory authorities.
“MasterGrid’s success is a testament to the strength and vision of its management team. Since the carve-out from Siemens in 2019, they have demonstrated exceptional leadership, driving consistent growth and operational excellence. We are proud to support such a talented team and are confident in their ability to lead MasterGrid through its next chapter, as the company continues to capitalize on the opportunities presented by the energy transition.” Maxime Sequier, Managing Director Expansion, Ardian
“We are pleased to become MasterGrid’s new partner and look forward to supporting the Group’s growth journey by leveraging Ardian’s resources, experience and global network, particularly through targeted acquisitions.” Alexis Lavaillote, Managing Director Expansion, Ardian
“We are delighted to welcome Ardian as a majority shareholder to support us in the next stages of our development, both in France and internationally. Through our maintenance and retrofitting activities, we contribute to the growing need for the modernization and expansion of electrical infrastructure, as well as the transition to a decarbonized energy mix. The support of Ardian’s Expansion Team will enable us to accelerate our growth, broaden our geographic footprint, and strengthen our leadership in delivering innovative and sustainable solutions to our clients.” Ludovic Vallon, CEO and Founder, MasterGrid
“At the time of the 2019 carve-out, we shared a clear ambition with the management team: to establish a leading player in the T&D sector—independent, international, and combining customer proximity with high value-added services. This strategy has been very successfully executed, and we are proud to hand over the reins to Ardian and the management team to carry this outstanding journey forward.” Sylvain Charignon, Partner, Andera
Participants
Buyer advisors
Sellers, company and management advisors
Ardian is a world-leading private investment firm, managing or advising $177bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.
MasterGrid, an expert in electrical systems supporting the energy transition, manufactures equipment and provides maintenance and renovation services extending the lifecycle of electrical installations. Heir to a prestigious industrial heritage, MasterGrid was created in 2019 following the acquisition of the high-voltage assets of the Merlin Gerin brand. The company has since gone from strength to strength, consolidating its activities in France, diversifying its portfolio of products and services in medium and low voltage and exporting its expertise around the world. Today, MasterGrid brings together nearly 500 employees across 13 sites in France and 11 subsidiaries abroad. In 2024, the company achieved a turnover of over €110 million, 35% of which was generated from international markets.
Created almost 25 years ago, Andera Partners is a major player in private company investments in France and internationally. Its teams manage over €4.8 billion in investments in life sciences (Andera Life Sciences), growth and buyout capital (Andera MidCap, Andera Expansion/Croissance, Andera Co-Invest), sponsorless transactions (Andera Acto) and ecological transition (Andera Infra).
Andera Partners’ mission is to work alongside companies and their managers to support them in achieving strong and sustainable growth. The quality of performance offered to our investors relies on a strong partnership between the entrepreneurs in our portfolio companies and our teams, based on shared values. Performance through collective engagement, the “Power of And”, constitutes Andera Partners’ DNA.
Based in Paris, with offices in Antwerp, Madrid Milan and Munich, Andera Partners counts 120 professionals, of which 74 investment professionals.
CVC DIF’s Diverso Energy forms strategic partnership with Mattamy Homes to accelerate geothermal heating and cooling in Canada
CVC DIF, the infrastructure strategy of leading global private markets manager CVC, is pleased to announce the formation of a strategic partnership between its ground source heating and cooling (“geoexchange”) platform Diverso Energy (“Diverso”), the leading geoexchange utility in North America, and Mattamy Homes (“Mattamy”), one of the largest privately owned homebuilders in North America and an industry leader in sustainable low-carbon homebuilding.
The strategic partnership will make Diverso the exclusive geothermal provider for select Mattamy residential developments across Canada, spanning a range of single- and multi-family low-rise, mid-rise, and high-rise developments. As part of the groundbreaking partnership, Mattamy will also contribute its existing portfolio of operating and under construction geoexchange systems serving more than 2,300 residential units as seed assets to the partnership. It will ensure that homeowners can benefit from reliable, cost-effective and energy efficient heating and cooling solutions for decades to come, while aligning with the parties’ industry leading commitments to sustainability and decarbonization.
Brad Carr, CEO of Mattamy Homes, shares: “We look forward to working with the team at Diverso to expand our capabilities of delivering geothermal heating and cooling to our Mattamy homeowners, with a focus on reducing carbon emissions across our communities in Canada.”
Tim Weber, CEO of Diverso, notes: “This partnership marks a significant milestone for Diverso and we are thrilled to partner with Mattamy Homes, a company that shares our commitment to sustainability and innovation. This partnership will not only enhance the value proposition for Mattamy’s homeowners but also accelerate the adoption of geoexchange technology in residential developments across Canada. We look forward to working alongside Mattamy to support decarbonization across its strong pipeline of residential developments.”
Gijs Voskuyl, Managing Partner of CVC DIF, further highlights CVC DIF’s approach to scaling its platforms: “This strategic partnership continues to build on CVC DIF’s long standing track record of active value creation in supporting its portfolio companies’ growth and innovation, alongside world-class partners like Mattamy Homes. For our investors, the partnership represents a unique opportunity to add strategic scale to Diverso and grow its asset base, while underscoring our collective commitment to sustainability. We look forward to continuing to support Diverso in this collaboration with Mattamy and believe it will set a new standard in the geoexchange industry.”
CVC DIF, through its DIF Infrastructure VII fund, acquired a majority interest in Diverso in 2023 from its founders, who have continued to lead the company. Since then, CVC DIF has supported Diverso and its leadership team in becoming the leading geoexchange utility in North America. Diverso offers its unique geoexchange heating and cooling solution through an Energy-as-a-Service model, underpinned by long-term contracts.
CVC DIF (formerly DIF Capital Partners) is a leading global mid-market infrastructure equity fund manager.
Founded in 2005 and headquartered in Amsterdam, the Netherlands, CVC DIF has c. €19 billion of infrastructure assets under management in energy transition, transport, utilities and digitalisation.
With over 250 people in 12 offices, CVC DIF offers a unique market approach, combining a global presence with the benefits of strong local networks and sector-focused investment capabilities.
CVC DIF forms the infrastructure strategy of leading global private markets manager CVC. This partnership allows CVC DIF to benefit from CVC’s global platform, with 30 offices across five continents.
CVC DIF
Renate Klöters
Sydney, Australia and London, UK, May 19, 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced the launch of Revera Energy (“Revera”), an independent energy infrastructure solutions platform backed by Carlyle Global Infrastructure.
Revera focuses on developing, building, owning, and operating energy infrastructure projects, including its current portfolio, which comprises projects carved out and acquired from Amp Energy in Australia and the UK. With an emphasis on battery storage, renewable power, and green hydrogen, the platform seeks to provide sustainable and resilient energy infrastructure solutions in Australia and the UK. Revera benefits from existing relationships with top-tier financing partners, including Nomura Infrastructure & Power, the Commonwealth Bank of Australia (“CBA”), Westpac Institutional Bank (“Westpac”), Natixis CIB, and Export Development Canada (“EDC”).
In Australia, the platform is constructing stage 1 of the 250MW / 700MWh Bungama battery storage project in South Australia (“SA”) and is advancing a significant development pipeline of more than 750MW of battery storage, 2.3GW of solar, and 1.4GW of wind projects across Australia’s National Energy Market (“NEM”), as well as the 1GW Cape Hardy Green Hydrogen Project in SA. Revera is also managing and has provided financing to 158MW of operating solar farms in New South Wales.
In the UK, Revera is advancing more than 1.2GW of late-stage battery storage projects designed to strengthen grid resiliency and support national decarbonization goals. Revera’s UK platform is supported by strong market tailwinds, including growing and resilient demand for grid stability services.
“We are excited about the launch of Revera Energy and believe it marks a new growth phase for the platform’s dedicated staff and leadership team, and strengthens existing project commitments. We plan to leverage the expertise and resources of Carlyle’s global infrastructure platform to help accelerate Revera’s growth and to expand its portfolio of diversified energy projects,” said Richard Hoskins, Chairman of Revera Energy and Managing Director in Carlyle’s Infrastructure Group. “I look forward to working closely with Revera’s leadership team to further identify and capture compelling energy infrastructure opportunities in both Australia and the UK.”
“Nomura is proud to partner with the Revera Energy team, bringing our structuring expertise and intellectual capital to support the growth of their global platform while delivering risk-adjusted returns for all stakeholders,” said Vinod Mukani, Global Head of Nomura’s Infrastructure & Power Business (“IPB”). “Nomura remains dedicated to providing bespoke capital solutions for high-quality assets and world-class partners like the Revera team.”
Alain Halimi, Managing Director, Nomura IPB, said, “We are excited to support Revera Energy, as it brings together innovative energy solutions under Carlyle’s ownership. Revera has been very successful in developing a diverse development pipeline, which will support grid resiliency and energy transition goals across multiple jurisdictions.”
Carlyle Global Infrastructure is an integrated platform with over $7.6 billion under management, which brings together the firm’s scale, global supply chain relationships, and capabilities to capture significant infrastructure investment opportunities globally. The platform is diversified across all major infrastructure sectors, with notable investments including Copia Power (a US power and digital infrastructure company that has raised over $5 billion to support its 2,600MW operating and under-construction energy campus portfolio, as well as its multi-GW development pipeline); NineDot Energy (New York City’s leading developer of community-scale battery storage systems enhancing grid resiliency); and Crescent Midstream (which is actively developing a 1GW carbon capture project in Louisiana through its Luna Carbon Solutions business unit).
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About Revera Energy
Revera Energy is a Carlyle-backed clean energy and infrastructure platform developing and operating utility-scale solar, battery storage, and other infrastructure projects in Australia and the United Kingdom. With experienced local teams and a strong development pipeline, Revera is committed to building the infrastructure that powers a more resilient and sustainable future.
Learn more at www.revera.energy.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents.
Further information is available at www.carlyle.com.
Media Contacts
Carlyle
Lonna Leong
Tel: +852 9023 1157
Email: lonna.leong@carlyle.com
Charlie Bristow
Tel: +44 (0) 7384 513568
Email: charlie.bristow@carlyle.com
(ALBUQUERQUE, N.M.) – TXNM Energy (NYSE: TXNM) today announced an agreement under which Blackstone Infrastructure will acquire TXNM Energy for $61.25 per share in cash upon closing, reflecting a total enterprise value of $11.5 billion, including net debt (excluding securitization debt) and preferred stock.
TXNM Energy, through its subsidiaries PNM and TNMP, is focused on meeting the critical electricity infrastructure needs of its customers. PNM is supporting the evolution of its generation portfolio to meet New Mexico’s clean energy goals and is identifying opportunities to achieve the energy transition in a cost-effective manner for customers. TNMP has consistently increased its annual capital investments to meet sustained nation-leading growth levels in its Texas service territory. This transaction provides significant long-term capital to support these goals.
“Our successes at TXNM Energy have stemmed from a deliberate approach to investing in PNM and TNMP in a manner aligned with the priorities of our customers and communities. We’ve integrated new resources to supply over two-thirds of PNM electricity needs with carbon-free energy and supported double-digit demand growth at TNMP,” said Pat Collawn, Chair and CEO of TXNM Energy. “We are excited to form this long-term partnership with Blackstone Infrastructure to build upon these successes. We will continue to collaborate with customers, communities, legislators and regulators to achieve our shared goals for a reliable, resilient grid to support economic prosperity and clean energy.”
Blackstone Infrastructure, with its $60 billion of assets under management, is focused on investing behind North American infrastructure platforms and leveraging its scale and expertise to support the growth of its portfolio companies. Blackstone Infrastructure has perpetual capital with no obligation to sell its investments, and is focused on long-term, multi-decade partnerships with the companies and communities in which it invests. In 2023 and 2024 alone, Blackstone Infrastructure committed over $5 billion of equity to its portfolio companies. It is an experienced North American utility investor and recognizes the value of long-term investments in critical infrastructure that help communities thrive.
“We are excited to partner with Pat, Don and their fantastic team to accelerate growth at TXNM, and across New Mexico and Texas.” said Sean Klimczak, Global Head of Blackstone Infrastructure. “We are long-term investors who back industry-leading companies using our perpetual capital to support economic development. We are focused on being great long-term partners to the communities in which we invest, and we look forward to having the opportunity to engage in meaningful dialogue about how we can create win-win, growth-oriented investments across both states.”
Blackstone Infrastructure is funding the purchase price entirely with equity and does not anticipate increasing TXNM Energy leverage levels to fund the purchase of the company.
Valuing Customers, Employees and Communities
Blackstone Infrastructure intends to support TXNM Energy’s long-standing commitments to its customers, employees and communities, including:
Terms, Approvals and Timing
The purchase price of $61.25 per share represents a 23.0% premium to TXNM Energy’s unaffected 30-day volume weighted average price (VWAP) as of March 5, 2025, the day prior to an article reporting a developing acquisition for TXNM Energy.
Blackstone Infrastructure is also investing $400 million through the purchase of 8 million newly issued shares of TXNM Energy common stock at $50 per share, by way of a private placement agreement, to support TXNM Energy’s industry-leading growth plans. This issuance is expected to be completed in June 2025.
To support the funding of TXNM’s industry-leading growth rates, TXNM Energy expects to issue an additional $400 million of equity prior to closing of the transaction.
The transaction is funded through equity and assumption of existing debt, and no incremental debt will be issued as a result of the transaction.
Dividends payable to TXNM Energy shareholders are expected to continue through the closing of the transaction, subject to approval by the TXNM Energy Board of Directors.
The transaction was unanimously approved by TXNM Energy’s Board of Directors and is estimated to close in the second half of 2026, subject to TXNM Energy shareholder approval, regulatory approvals and other customary closing conditions. Regulatory approvals are required from the NMPRC, PUCT, Federal Energy Regulatory Commission, Department of Justice (Hart Scott-Rodino Clearance), Nuclear Regulatory Commission and Federal Communications Commission.
Leadership Changes
Pat Collawn will step down as Executive Chair upon closing of the transaction. Don Tarry will oversee the continuing operations of TXNM Energy as President and CEO.
Advisors
Wells Fargo is serving as lead financial advisor, Citi is also serving as a financial advisor, and Troutman Pepper Locke LLP is serving as legal advisor to TXNM Energy. RBC Capital Markets, LLC is serving as lead financial advisor and J.P. Morgan is also serving as a financial advisor to Blackstone Infrastructure. Kirkland & Ellis LLP is serving as legal advisor to Blackstone Infrastructure.
Conference Call
TXNM Energy will discuss today’s announcement during a live conference call and audio webcast today, Monday, May 19th at 12 p.m. Eastern.
The conference call will be simultaneously broadcast and archived on our website at https://www.txnmenergy.com/investors/events-and-presentations. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
Investors and analysts can participate in the live conference call by pre-registering using the following link: https://dpregister.com/sreg/10200131/ff33307f83. Telephone participants who are unable to pre-register may participate in the live conference call by dialing (877) 276-8648 or (412) 317-5474 fifteen minutes prior to the event and asking to join the TXNM Energy call.
2025 Ongoing Earnings Guidance
The equity to be issued as part of the transaction impacts TXNM Energy’s previously issued 2025 Ongoing Earnings Guidance. As a result, TXNM Energy is not affirming this guidance and does not plan to issue revised earnings guidance during the pending transaction.
About TXNM Energy
TXNM Energy (NYSE: TXNM), an energy holding company based in Albuquerque, New Mexico, delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. For more information, visit the company’s website at www.TXNMEnergy.com.
Contacts:
Analysts
Lisa Goodman
(505) 241-2160
Media
Corporate Communications
(505) 241-2743
About Blackstone Infrastructure
Blackstone Infrastructure is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.
Contact:
Paula Chirhart
Paula.Chirhart@Blackstone.com
347-463-5453
Forward-Looking Statements
Statements made in this press release that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include statements regarding the potential transaction between TXNM Energy and Blackstone Infrastructure, including any statements regarding the expected timetable for completing the potential transaction, the ability to complete the potential transaction, the expected benefits of the potential transaction, projected financial information, future opportunities, and any other statements regarding TXNM Energy’s and Blackstone Infrastructure’s future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. Neither Blackstone Infrastructure nor TXNM Energy assumes any obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, TXNM Energy caution readers not to place undue reliance on these statements. TXNM Energy’s business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see TXNM Energy’s Form 10-K and Form 10-Q filings and the information filed on TXNM Energy’s Forms 8-K with the Securities and Exchange Commission (the “SEC”), which factors are specifically incorporated by reference herein and the risks and uncertainties related to the proposed transaction with Blackstone Infrastructure, including, but not limited to: the expected timing and likelihood of completion of the pending transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending transaction that could reduce anticipated benefits or cause the parties to abandon the transaction, the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement, including in circumstances requiring the Company to pay a termination fee, the possibility that TXNM Energy’s shareholders may not approve the transaction agreement, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, the outcome of legal proceedings that may be instituted against TXNM Energy, its directors and others related to the proposed transaction, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that the proposed transaction and its announcement could have an adverse effect on the ability of TXNM Energy to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally, the amount of costs, fees, charges or expenses resulting from the proposed transaction, and the risk that the price of TXNM Energy’s common stock may fluctuate during the pendency of the proposed transaction and may decline significantly if the proposed transaction is not completed. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
Additional Information about the Proposed Transaction and Where to Find It
The proposed transaction between TXNM Energy and Blackstone Infrastructure will be submitted to the shareholders of TXNM Energy for their consideration. TXNM Energy will file a proxy statement on Schedule 14A and other documents with the SEC regarding the proposed transaction. Promptly after filing its definitive proxy statement with the SEC, TXNM Energy intends to mail the definitive proxy statement and a proxy card to each shareholder entitled to vote at the special meeting relating to the proposed transaction. This document is not a substitute for the proxy statement or any other document which TXNM Energy may file with the SEC and send to TXNM Energy’s shareholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF TXNM ENERGY ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TXNM ENERGY AND THE PROPOSED TRANSACTION. You may obtain copies of all documents filed with the SEC regarding the proposed transaction, free of charge, at the SEC’s website (www.sec.gov). You may also obtain these documents, free of charge, from TXNM Energy’s website (https://www.txnmenergy.com/) under the tab “Investor” and then under the heading “SEC Filings.”
Participants in the Solicitation
TXNM Energy and its respective directors, executive officers, other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction under the rules of the SEC. Information about TXNM Energy’s directors and executive officers is set forth in its definitive proxy statement for its 2025 Annual Meeting of Shareholders, which was filed with the SEC on April 1, 2025, and its Form 10-K filed with the SEC on February 28, 2025. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement and other relevant materials TXNM Energy intends to file with the SEC.
RIYADH, Saudi Arabia & NEW YORK – May 19, 2025 – The Arab Energy Fund (formerly APICORP), a leading multilateral impact financial institution focused on the MENA energy sector, and Stonepeak, the world’s largest independent infrastructure firm and leading US infrastructure investor, today announced that they have entered into a strategic partnership to invest in energy infrastructure across the Middle East.
The partnership will primarily focus on businesses in the energy sector, supporting efforts to build critical infrastructure in the region.
“This strategic alliance marks a defining step in our mission to mobilize global capital into the region’s evolving energy landscape,” said Khalid Ali Al-Ruwaigh, Chief Executive Officer of The Arab Energy Fund. “With Stonepeak as a partner, we aim to accelerate the development of resilient, future-ready energy platforms that contribute to economic growth and energy security across the Middle East.”
“This partnership reinforces our long-term strategy to back high-quality energy assets in collaboration with experienced global investors,” said Maheur Mourali, Chief Investment Officer of The Arab Energy Fund. “Stonepeak brings world-class expertise and alignment with our vision to deliver both impact and value through disciplined investment in essential infrastructure.”
“The Middle East has made energy diversification a key priority, with Saudi Arabia and other nations throughout the region setting ambitious targets,” said Mike Dorrell, CEO, Chairman, and Co-Founder of Stonepeak. “We are thrilled to be partnering with The Arab Energy Fund to build and create businesses in the region focused on this mission-critical sector.”
“This partnership will support the continued growth and evolution of the region’s energy sector,” added Hajir Naghdy, Senior Managing Director and Head of Asia and the Middle East at Stonepeak. “With our local presence in the region and deep expertise in the global energy sector, Stonepeak is well-positioned to contribute meaningfully to this exciting partnership.”
About The Arab Energy Fund
The Arab Energy Fund is a multilateral impact financial institution focused on the MENA energy sector established in 1974 by the ten Arab oil-exporting countries. The Arab Energy Fund’s mission is to enable a secure and sustainable energy future for the region through a comprehensive range of financing and direct equity solutions and expert advisory services across the entire energy value chain to leading public and private sector business partners in over 35 markets. The Arab Energy Fund applies best-practice ESG principles across all operations, with environmental and socially linked projects comprising 20% of its USD 5.8bn loan portfolio. The Arab Energy Fund is the only energy-focused financial institution in the MENA region rated ‘Aa2’ by Moody’s, ‘AA’ by Fitch and ‘AA-’ by S&P.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $73 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.
Contacts
The Arab Energy Fund
Zara Siddiqui
zarasiddiqui@taef.com
+ (966) 138-597325
Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225
LONDON & HOUSTON – May 15, 2025 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Energy Equation Partners (“EEP”), a newly formed investment firm with significant expertise in fuel retail, today announced an agreement to acquire a majority interest in JET Tankstellen Deutschland GmbH (“JET”), a leading fuel retailer in Germany and Austria, from a subsidiary of Phillips 66 (NYSE: PSX), in a transaction valuing the business at an enterprise value of approximately €2.5 billion. Phillips 66 will retain a 35% minority interest in JET as part of the transaction through a newly formed joint venture.
JET is one of the largest fuel retailers in Germany and Austria, serving more than 700,000 customers daily with quality products at fair prices through a network of 970 service stations. Located primarily in urban and high-traffic areas, JET also operates convenience stores, car washes and a rapidly growing EV charging network. JET has been named Germany’s most popular gas station brand by YouGov Deutschland for 15 years in a row.
“We are pleased to partner with Phillips 66 and Stonepeak to build on the strong foundation of the JET platform,” said Javed Ahmed, Managing Partner of Energy Equation Partners. “Together with the outstanding JET team and its dedicated service station operators, we aim to strengthen JET’s leadership in both fuel and non-fuel retail across Germany and Austria. We are committed to supporting a seamless transition and continuing JET’s legacy as a key player in the evolving retail energy sector.”
“JET’s high-quality network of critical infrastructure assets is well positioned to continue reliably serving the needs of its customers over the long-term,” said Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak. “Under Phillips 66’s ownership, JET has grown into one of the largest fuel retailers in Germany and Austria. We are excited to join forces with them, as well as Javed and the EEP team, who have long-standing experience investing in and operating retail fuel distribution and logistics globally, to support the next phase of JET’s growth.”
The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals. Akin Gump Strauss Hauer & Feld LLP and Hengeler Mueller served as legal counsel to Stonepeak and EEP. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as financing counsel to Stonepeak and EEP.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $73 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.
About Energy Equation Partners
Energy Equation Partners is an energy specialist investment firm that seeks to invest in companies that are well established in the energy sector and have the potential to play a valuable role in the shift from “brown to green”. Over the past two decades, the principals of EEP have deployed over $10 billion of equity capital across the energy value chain globally and have significant experience in fuel retail.
Contacts
For Stonepeak:
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225
For Energy Equation Partners:
Sari Haidar
sari@energyequationpartners.com
+44 75 5112 5113
An affiliate of the funds known as EQT Infrastructure III and EQT Infrastructure IV (“EQT”) is pleased to announce the completion of the sale (the “Sale”) of c. 3.2 million shares of common stock of Kodiak Gas Services, Inc. (NYSE: KGS) (the “Company”) for gross proceeds of c. USD116 million. The Sale was made on May 12, 2025, pursuant to Rule 144 of the Securities Act of 1933, as amended. J.P. Morgan Securities LLC acted as the broker for the Sale. Concurrently with the closing of the Sale, the Company repurchased c. 278,000 shares of its common stock from EQT in a private transaction for gross proceeds of c. USD10 million. Following these transactions, EQT now holds c. 31.3 million shares of the Company’s common stock.
Contact
EQT Press Office, press@eqtpartners.com
About EQT
EQT is a purpose-driven global investment organization with EUR 273 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.
More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram
About Kodiak
Kodiak is a leading contract compression services provider in the United States, serving as a critical link in the infrastructure that enables the safe and reliable production and transportation of natural gas and oil. Headquartered in The Woodlands, Texas, Kodiak provides contract compression and related services to oil and gas producers and midstream customers in high–volume gas gathering systems, processing facilities, multi-well gas lift applications and natural gas transmission systems.
