TXNM Energy is exploring a sale after receiving takeover interest from a potential suitor, Bloomberg News reported on Monday, citing people familiar with the matter.
The energy holding company is working with an adviser to assess its options and the deliberations are in preliminary stages, the report said.
TXNM did not immediately respond to a Reuters request for comment.
The company, formerly PNM Resources, has a market capitalization of $4.44 billion, according to data compiled by LSEG.
TXNM provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas through its two regulated utilities.
Last year, Iberdrola’s U.S. unit, Avangrid, abandoned an $8.3 billion deal to acquire TXNM after failing to secure approval from New Mexico’s utility regulator, more than three years after the deal was announced.
