SR · Spire Inc.

The March 31, 2026 closing of Spire’s $2.48 billion acquisition of Piedmont’s Tennessee natural gas utility business marks a material expansion of the company’s regulated footprint, with Spire Tennessee becoming the largest investor-owned natural gas utility in the fast-growing Nashville metro region, serving over 200,000 customers across 3,800 miles of pipelines. The transaction is funded via a combination of $800 million in fully drawn delayed draw term loans maturing in March 2027, $825 million in 5-tranche senior notes issued by Spire Tennessee, and cash on hand. The acquisition is expected to contribute to Spire’s long-term target of 5-7% adjusted annual EPS growth, with Spire Tennessee accounting for roughly 20% of the company’s capital investment plan through 2030, focused on supporting customer growth and system integrity in Tennessee’s constructive regulatory environment. All regulatory approvals were obtained concurrent with closing, and over 200 existing Piedmont Tennessee employees have transitioned to Spire to support seamless customer service continuity.