Spire Inc. has reached an agreement with Piedmont Natural Gas, a wholly-owned subsidiary of Duke Energy, to acquire its Tennessee local natural gas pipeline network for $2.48 billion.
According to Spire’s announcement on Tuesday, July 29, the transaction, expected to close in the first quarter of calendar year 2026, is subject to approval by the Tennessee Public Utility Commission, Hart-Scott-Rodino review, and other customary closing conditions.
Upon completion, the acquisition of the natural gas distribution pipelines will transfer service for more than 200,000 natural gas customers in the Nashville area to the new Spire business unit, Spire Tennessee.
"This acquisition is a natural fit for Spire, allowing us to expand our core utility business and increase our utility customer base to nearly two million homes and businesses," said Scott Doyle, president and CEO of Spire.
He added that Spire looks forward to building on Piedmont Natural Gas's foundation of customer service and community engagement in Tennessee.
Piedmont Natural Gas operates as the largest investor-owned natural gas utility in Tennessee, serving the rapidly growing Nashville metro area with nearly 3,800 miles of pipelines.
Harry Sideris, Duke Energy president and CEO, stated the transaction allows Duke Energy to efficiently fund accelerating investment opportunities driven by customer growth and economic development.
"We're confident Spire will support the continued growth and success of the Tennessee natural gas business and serve as an incredible operator for the benefit of employees, customers, and communities," he added.
The acquisition will expand Spire's utility footprint, which currently includes operations in Missouri, Alabama, and Mississippi.