Spire closes $2.5B Tennessee acquisition, announces $937M in divestitures to deleverage

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 30, 2025 · ~2 min read

Key Changes

• high

  Closed $2.5B acquisition of Piedmont's Tennessee gas utility on March 31, 2026, adding 200,000+ customers; equity ratio fell from 47% to 36% as acquisition was debt-financed. S&P moved outlook to negative.

  MD&A: Piedmont Tennessee acquisition verify on EDGAR →
• high

  Announced sale of three non-core assets: Spire Marketing ($212M, closed April 30), Spire Storage ($650M, pending), and Spire Mississippi utility ($75M, pending regulatory approval). Proceeds will reduce acquisition debt.

  MD&A: Divestitures verify on EDGAR →
• high

  Net income rose 34.8% to $282.2M while operating income fell 0.9% to $303.5M. The bottom-line gain came from below-the-line items, not operations; the filing does not disclose the specific driver of the smaller net deduction.

  MD&A: Net income verify on EDGAR →