Spire sells natural gas storage assets to I Squared Capital for $650M

SPIRE INC

Total consideration of $650M: $600M cash at closing plus $50M deferred payment in fiscal 2027.
Sale includes Spire Storage West (55 Bcf capacity) and Spire Storage Salt Plains (17 Bcf capacity).
Proceeds expected to partially fund Spire's recently closed Piedmont Natural Gas Tennessee acquisition.
Spire reaffirms FY2026 adj. EPS guide of $5.25-$5.45; will revise on Q2 call in May.
FY2027 adj. EPS guide remains $5.40-$5.60; long-term EPS growth 5-7% from original $5.75 base.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SPIRE INC entered into Membership Interest Purchase Agreement with Subterra Energy Holdings, LLC valued at $600 million.

Action: entry
Agreement: asset purchase
Counterparty: Subterra Energy Holdings, LLC
Value: $600 million

Exact text from the filing

On April 14, Spire Midstream LLC, a Missouri limited liability company and wholly-owned subsidiary of Spire Inc. (the “Seller”), and Subterra Energy Holdings, LLC, a Delaware limited liability company (the “Buyer”) (collectively the “Parties”), entered into a Membership Interest Purchase Agreement (the “Agreement”), pursuant to which the Seller has agreed to sell to the Buyer all of the issued and outstanding membership interests of Belle Butte LLC, a Missouri limited liability company (“Company”), for cash purchase price equal to $600 million payable at the closing and $50 million deferred consideration payable on or before September 2027, subject to customary adjustments as set forth in the Agreement (the “Transaction”) and the other terms and conditions of the Agreement.

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SPIRE INC filing history →

Source: SEC EDGAR

accession 0001193125-26-155936

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