Spire Completes $2.48B Acquisition of Piedmont TN Gas

Spire Inc. completed the acquisition of 100% of Piedmont Natural Gas Company’s Tennessee natural gas local distribution company business for cash consideration of $2.48 billion, subject to customary purchase price adjustments. The acquisition closed on March 31, 2026.

Spire funded the deal through a mix of junior subordinated notes issued in November 2025, senior unsecured notes issued at closing (about $825 million), and a $800 million senior unsecured term loan entered March 26, 2026. Spire also announced the sale of its gas marketing business, Spire Marketing Inc., for $215 million, with net proceeds expected to repay acquisition-related borrowings. The acquisition satisfied the HSR waiting period and received FERC and Tennessee Public Utility Commission approvals.