Business
Spire and I Squared announce agreement for sale of natural gas storage assets for $650 million
Spire Inc. (NYSE: SR) and I Squared Capital, a leading global infrastructure investment manager, today announced they have entered into an agreement in which I Squared will acquire Spire's natural gas storage assets in Wyoming and Oklahoma ("Spire Storage").
About this update from Spire Inc.
[{"type":"list","items":[{"val":[{"type":"text","content":"Further sharpens Spire's focus on regulated natural gas utility businesses and improves risk profile; Positions the company for continued growth under I Squared ownership","length":174,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":174,"olType":false},{"type":"text","content":"ST. LOUIS, April 15, 2026 /PRNewswire/ -- Spire Inc. (NYSE: SR) and I Squared Capital, a leading global infrastructure investment manager, today announced they have entered into an agreement in which I Squared will acquire Spire's natural gas storage assets in Wyoming and Oklahoma ("Spire Storage").","length":319,"tagName":"p"},{"type":"image","alt":"Spire and I Squared Capital logos.","displaySize":"","headline":null,"caption":"Spire and I Squared Capital logos.","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":102,"url":"https://media.zenfs.com/en/prnewswire.com/4462b25987e1c667badbfebc1e728dd5"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/RB.S2t9BuqmHtYxYsv5_8Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTE4MA--/https://media.zenfs.com/en/prnewswire.com/4462b25987e1c667badbfebc1e728dd5","width":400,"height":102}},"href":"https://mma.prnewswire.com/media/2956078/Spire_I_Squared_lockup_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Total consideration of the transaction is $650 million, consisting of $600 million in cash at closing and a $50 million fixed, non-contingent deferred payment to be received in Spire's fiscal 2027.","length":201,"tagName":"p"},{"type":"text","content":"Proceeds from the transaction are expected to partially fund Spire's acquisition of the Piedmont Natural Gas Tennessee business, which closed on March 31, 2026, and completes its related financing plan.","length":206,"tagName":"p"},{"type":"text","content":""This transaction represents another important step in sharpening our focus on our core regulated natural gas utility businesses," said Scott Doyle, president and chief executive officer of Spire. "Our gas storage assets have played an important role in serving customers across the Midwest, Rockies and Western U.S., and we appreciate the dedication of the employees who have contributed to their success. Under I Squared's ownership, these assets are well positioned to con...