I Squared Capital acquires Spire’s natural gas storage assets in Wyoming and Oklahoma for $650 million

Spire Inc. and I Squared Capital, a global infrastructure investment manager, announced an agreement for I Squared to acquire Spire’s natural gas storage assets located in Wyoming and Oklahoma for a total consideration of $650 million. The transaction includes $600 million in cash at closing and a $50 million fixed, non-contingent deferred payment to be received by Spire in its fiscal 2027. Proceeds from the sale will partially fund Spire’s previously completed acquisition of the Piedmont Natural Gas Tennessee business, which closed on March 31, 2026. I Squared Capital plans to enhance the operational capabilities of the acquired assets and pursue expansion opportunities to meet rising demand for natural gas storage across the Western and Mid-Continent regions of the United States.

Counterparts (2)

Seller

Spire Inc

company · 1 deals

St. Louis-based natural gas utility serving nearly 2 million customers across Alabama, Mississippi, Missouri, and Tennessee with regulated gas distribution services and non-regulated gas marketing.

Buyer

I Squared Capital

company · 4 deals

I Squared Capital is an independent global infrastructure investor focusing on energy infrastructure, utilities, transport and logistics, digital infrastructure, social, and environmental infrastructure. They develop investment platforms in infrastructure and aim to invest in a more sustainable future.