I Squared Capital Acquires Spire's Natural Gas Storage Assets for $650M
Spire and I Squared Capital, a global infrastructure investment manager, have entered into an agreement in which I Squared will acquire Spire's natural gas storage assets in Wyoming and Oklahoma. Total consideration of the transaction is $650M, consisting of $600M in cash at closing and a $50M fixed, non-contingent deferred payment to be received in Spire's FY27. Proceeds from the transaction are expected to partially fund Spire's acquisition of the Piedmont Natural Gas Tennessee business, which closed on March 31, and completes its related financing plan. The transaction is expected to close in the second half of Spire's FY26. The agreement is subject to customary closing conditions and the expiration or termination of the applicable waiting period under the HSR Antitrust Improvements Act.
