Spire to Acquire Duke’s Tennessee Gas Business for $2.5 Billion

Spire Inc. agreed to pay $2.5 billion to acquire Duke Energy Corp.’s Tennessee Piedmont Natural Gas unit to expand in the growing Nashville region.

The deal will give Spire Tennessee’s largest investor-owned gas utility, with almost 3,800 miles (6,100 kilometers) of distribution and transmission pipelines and a liquefied natural gas facility, serving about 200,000 Nashville area customers. The price represents a multiple of 1.5 times Piedmont’s estimated 2026 rate base, according to a statement Tuesday.