Overview
- Spire and I Squared Capital announced a Wednesday agreement for the storage sale valued at $650 million, with $600 million at closing and a $50 million deferred payment due in fiscal 2027.
- Spire said the cash will help pay for its Piedmont Natural Gas Tennessee purchase that closed March 31 and it plans to update fiscal 2026 guidance on its May earnings call.
- The assets include Spire Storage West in Wyoming with up to 55 billion cubic feet of working gas capacity and Spire Storage Salt Plains in Oklahoma with up to 17 billion cubic feet, serving western, midcontinent, and midwestern markets.
- The deal is slated to close in the second half of Spire’s fiscal 2026, pending customary conditions and antitrust review under the Hart-Scott-Rodino Act.
- I Squared said it aims to enhance operations and pursue expansion, a move the buyer argues can boost regional reliability by adding flexible storage that balances seasonal demand.