(RTTNews) - Spire Inc. (SR), a natural gas utility holding company, on Wednesday announced that it has entered into an agreement to sell its natural gas storage assets to I Squared Capital for $650 million.
The deal is expected to close in the second half of fiscal 2026.
The transaction includes $600 million in cash at closing and a $50 million fixed deferred payment to be received in fiscal 2027.
The proceeds from the transaction are expected to partially fund Spire's previously completed acquisition of the Piedmont Natural Gas Tennessee business and complete its related financing plan.
The assets being sold include storage facilities in Wyoming and Oklahoma with a combined authorized working gas capacity of up to 72 Bcf.
Spire reaffirmed its fiscal 2027 adjusted EPS guidance of $5.40 to $5.60 and its long-term earnings per share growth target of 5% to 7%.
On Tuesday, Spire is 0.24% higher at $92.61 on the New York Stock Exchange.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
