SR · Spire Inc.

Spire Inc. announced the sale of its Mississippi natural gas distribution subsidiary, Spire Mississippi Inc., to Delta Mississippi Gas Company, LLC, an entity backed by Bernhard Capital Partners, for $75 million in cash. The transaction aligns with Spire's strategy to sharpen focus on its larger regulated gas utilities in Alabama, Missouri, and Tennessee. The purchase price represents a 1.4x multiple of 2025 rate base. Proceeds will be used to fund planned infrastructure investments across Spire's remaining regulated gas utilities, supporting customer affordability and long-term shareholder value. Spire Mississippi serves approximately 18,000 customers in south-central Mississippi, including Hattiesburg, with about 745 miles of distribution pipelines. The agreement includes customary representations, warranties, and closing conditions, with the primary regulatory hurdle being approval by the Mississippi Public Service Commission. The transaction is expected to close in the first fiscal quarter of 2027. A reverse termination fee of $7.5 million (10% of purchase price) is payable by the Purchaser upon certain qualifying terminations, serving as the sole and exclusive remedy for the Seller except in cases of intentional fraud. Spire employees directly supporting the business are expected to transition to Delta Utilities to ensure continuity of service.