Spire To Acquire Tennessee Piedmont Natural Gas Business From Duke Energy For $2.48 Bln

(RTTNews) - Spire Inc. (SR) Tuesday said it has signed an agreement with Piedmont Natural Gas, a unit of Duke Energy (DUK), to acquire its Tennessee natural gas business for $2.48 billion in cash.

The acquisition is expected to add to the company's adjusted earnings and will support its long-term adjusted earnings per share growth outlook of 5%-7%.

The deal is expected to close in the first quarter of 2026.

"This acquisition is a natural fit for Spire, allowing us to expand our core utility business and increase our utility customer base to nearly two million homes and businesses," said Scott Doyle, president and chief executive officer of Spire.