Spire Inc. announced it has entered into an agreement to sell its gas marketing business, Spire Marketing Inc. (Spire Marketing) to Boardwalk Pipelines, LP (Boardwalk) for $215 million in cash. The transaction is expected to close in the third fiscal quarter of 2026 and is subject to regulatory approvals and completion of other customary closing conditions. Proceeds from the transaction are expected to be used to partially fund the acquisition of the Piedmont Natural Gas Tennessee business and general corporate purposes.
Spire continues to evaluate the sale of its natural gas storage facilities to fund the acquisition and expects to provide an update no later than its second quarter fiscal 2026 earnings conference call in May. Spire Marketing markets natural gas and related services across the United States, with a primary focus on the procurement and physical delivery of natural gas to a diverse customer base in the central and southern U.S. The business serves commercial and industrial customers through its retail operations and producers, pipelines, power generators, municipalities, storage operators and utilities through its wholesale operations. The agreement is subject to customary closing conditions and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
