I Squared Capital Advisors, LLC signed an agreement to acquire Belle Butte LLC from Spire Inc. (NYSE:SR) for $650 million on April 14, 2026. A cash consideration of $600 million will be paid by I Squared Capital Advisors, LLC. I Squared Capital Advisors, LLC will pay an earnout payment of $50 million cash. As part of consideration, $50 million is paid towards common equity and $600 million is paid towards interests of Belle Butte LLC.
The transaction is subject to subject to antitrust regulations. The transaction is expected to close in the second half of Spire?s fiscal year 2026.
Caroline Kuehn, Christopher Rowley, Ryan Carney, Matt Dobbins, Jenn Cornejo, Jay Seegers, Suzanne Clevenger, Becky Baker, David D?Alessandro, Missy Spohn, Heather Reynolds Johnson, Sarah Mitchell, Alexander Baker, Hill Wellford, Kara Kuritz, Caitlin Lawrence, Ken Adler, Tigist Kassahun and Michael Zarcaro Jr. of Vinson & Elkins LLP acted as legal advisor for Spire Inc. Greenhill & Co., LLC acted as financial advisor for Spire Inc. Kyle Watson, Ngozi Nezianya, Lucas Spivey, Osaro Aifuwa, David Wheat, Rebecca Fine, Amber Harezlak, Melissa Moreno, Jim Dolphin, and Kelsie Harris of Kirkland & Ellis LLP acted as legal advisor for I Squared Capital Advisors, LLC.
Spire Inc. is a holding company for Spire Missouri Inc. (Spire Missouri), Spire Alabama Inc. (Spire Alabama), other gas utilities, and gas-related businesses. Spire Missouri is a public utility engaged in the purchase, retail distribution and sale of natural gas. Spire Alabama is a public utility engaged in the purchase, retail distribution and sale of natural gas principally in central and northern Alabama, serving residential and commercial customers. Its segments include Gas Utility, and Midstream. The Gas Utility segment includes the regulated operations of Spire Missouri, Spire Alabama, Spire Gulf Inc. and Spire Mississippi Inc. The Midstream segment includes Spire STL Pipeline LLC, Spire MoGas Pipeline LLC, and Spire Storage, which are subsidiaries engaged in the transportation and storage of natural gas. Spire Gulf and Spire Mississippi are utilities engaged in the purchase, retail distribution and sale of natural gas to the Alabama area and south-central Mississippi.
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