Spire Finalizes $2.48 Billion Acquisition of Duke Energy's Tennessee Gas Business
Summary
Spire Inc. has completed its acquisition of the Piedmont Natural Gas business in Tennessee from Duke Energy for $2.48 billion. This strategic move significantly expands Spire's regulated utility footprint, establishing it as the largest investor-owned natural gas utility in Tennessee, serving over 200,000 customers. The acquisition is expected to support Spire's long-term adjusted earnings per share growth of 5-7% and represents approximately 20% of its capital investment plan through 2030. For Duke Energy (DUK), the divestiture helps efficiently fund its capital plan. This completion follows Spire's recent announcement of selling its Spire Marketing subsidiary, indicating a clear focus on its core utility operations. Traders will be watching for details on the integration process and the financial impact on Spire's upcoming earnings reports.
At the time of this announcement, SR was trading at $90.54 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.4B. The 52-week trading range was $69.94 to $94.27. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.