PR Newswire·Mar 30, 2026, 7:00 AM ET

Spire announces sale of gas marketing business to Boardwalk Pipelines for $215 million

Spire Inc. agreed to sell its gas marketing business, Spire Marketing Inc., to Boardwalk Pipelines, LP for $215 million in cash.
The transaction is expected to close in the third fiscal quarter of 2026, subject to regulatory approvals & customary closing conditions.
Proceeds will partially fund the acquisition of the Piedmont Natural Gas Tennessee business & support general corporate purposes.
Spire continues evaluating the sale of natural gas storage facilities to fund the acquisition & plans to provide an update by the second quarter fiscal 2026 earnings call in May.
The sale aims to sharpen Spire's focus on regulated natural gas utility operations, improve its risk profile, & enhance long-term earnings visibility.
Spire did not update its fiscal 2026 adjusted EPS guidance of $5.25–$5.45, which includes full-year earnings from Spire Marketing & gas storage facilities.
Fiscal 2027 adjusted EPS guidance was revised to $5.40–$5.60 from the prior range of $5.65–$5.85, reflecting the expected sale of Spire Marketing.
Spire reaffirmed its long-term adjusted earnings per share growth target of 5-7%, using the original fiscal 2027 adjusted EPS midpoint of $5.75 as a base.
The acquisition of the Piedmont Natural Gas Tennessee business is expected to close in the first calendar quarter of 2026.
Stinson LLP served as legal counsel to Spire on the transaction.