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Investing.com-- TXNM Energy Inc (NYSE:TXNM) is exploring a sale after being approached by a potential suitor, Bloomberg reported on Monday, citing people with knowledge of the matter.
The company- which controls utilities in Texas and New Mexico- is working with an adviser to help it consider options, the Bloomberg report said.
The Albuquerque, New Mexico-headquartered company has an energy portfolio with a total capacity of about 2.7 gigawatts, and serves customers in New Mexico and Texas.
TXNM- formerly known as PNM Resources- had in early-2024 terminated a long-running merger agreement with Avangrid- the U.S. subsidiary of Spanish utility firm Iberdrola (OTC:IBDRY). The merger was mostly rejected by authorities.
TXNM is a component of the S&P 400 and has a market capitalization of about $4.42 billion.