Blackstone Infrastructure has agreed to pay $61.25 a share for the TXNM, the companies said Monday, a roughly 16% premium to Friday’s closing price of $52.88 for the Albuquerque, N.M., company.

The infrastructure investing arm of asset manager Blackstone is in talks to buy New Mexico and Texas-focused utility TXNM Energy, a person familiar with the matter said on Monday.

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Blackstone declined to comment. Based in Albuquerque, New Mexico, TXNM Energy provides electricity to 800,000 homes and businesses in New Mexico and Texas, according to its website.