Spire to acquire Piedmont Natural Gas Tennessee LDC from Duke Energy for $2.48B

SPIRE INC

Acquisition of ~200,000 Nashville-area customers at 1.5x estimated 2026 rate base, cash-free debt-free.
Expected close in Q1 2026, subject to TN PUC and HSR approvals; fully committed bridge facility from BMO.
Accretive to adjusted EPS and supports long-term 5-7% adjusted EPS growth target.
Spire plans to explore sale of natural gas storage assets (Spire Storage) to offset financing.
Expands regulated utility footprint to nearly 2 million customers across MO, AL, MS, and now TN.

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