Spire has completed the sale of its natural gas storage businesses in Wyoming and Oklahoma (Spire Storage) to I Squared Capital, effective June 30, for $650 million.
Spire Storage employees and customers will become part of the new I Squared portfolio company Bear River Midstream LLC.
Total consideration for the transaction consists of $600 million in cash received at closing and a $50 million fixed, non-contingent deferred payment to be received in Spire’s fiscal year 2027.
Proceeds from the transaction help fund Spire’s previously completed acquisition of the Piedmont Natural Gas Tennessee business, which closed on March 31.
“This closing marks an important milestone for Spire as we continue to sharpen our focus on our core regulated utility business,” said Scott Doyle, president and CEO of Spire. “We’re proud of the strong storage platform we built and are grateful to the employees who contributed to its success and the overall success of S
