Spire Inc. has entered into an agreement with Piedmont Natural Gas, a wholly-owned subsidiary of Duke Energy, to acquire its Tennessee local distribution company business that serves more than 200,000 customers in the Nashville area.
Spire is acquiring the business for total consideration of US$2.48 billion. The transaction is expected to close in the first quarter of 2026. After closing, Nashville area Piedmont Natural Gas customers will be served by a new Spire business unit, Spire Tennessee.
The acquisition significantly increases Spire’s scale of its regulated business. With nearly 3800 miles (6115 km) of distribution and transmission pipelines, Piedmont Natural Gas serves as the largest investor-owned natural gas utility in Tennessee and operates in the Nashville metro area, one of the fastest-growing regions in the US. The integration of the Piedmont Natural Gas business in Tennessee expands Spire’s utility footprint, adding to existing operations in Missouri, Alabama, and Mississippi.
