A group of progressive, East Coast U.S. senators is criticizing Blackstone Infrastructure’s proposed $11.5 billion acquisition of TXNM Energy Inc., saying the deal isn’t in the public’s best interest.

U.S. Sens. Elizabeth Warren, D-Mass., Bernie Sanders, D-Vt., and Richard Blumenthal, D-Conn., cited concerns regarding the private equity firm’s interest in purchasing publicly traded utility companies in a joint letter on Thursday to Blackstone CEO Stephen Schwarzman, claiming the acquisition allows the firm to “profit from rising energy demands at the expense of consumers.”

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