Spire Inc. (NYSE: SR) today announced it has entered into an agreement with Piedmont Natural Gas, a wholly-owned subsidiary of Duke Energy (NYSE: DUK), to acquire its Tennessee local distribution company business that serves more than 200,

NASHVILLE, Tenn. (WSMV) - Spire Inc. has entered an agreement to acquire the Tennessee Piedmont Natural Gas business from Duke Energy. The acquisition is set to be a total of $2.48 billion.

Duke Energy said on Tuesday it would sell its Tennessee natural gas distribution business to Spire for $2.48 billion in cash, as the utility aims to streamline operations and unlock capital to invest in electric grid upgrades.