#United States #St. Louis #Spire Inc #I Squared Capital #Bear River Midstream

Spire Inc. Completes Sale of Natural Gas Storage Businesses

Spire Inc. (NYSE: SR) has officially completed the sale of its natural gas storage businesses located in Wyoming and Oklahoma to I Squared Capital for a substantial sum of $650 million. The transaction, effective June 30, 2026, signifies a pivotal moment for Spire as it seeks to concentrate on its core regulated utility operations.

With the deal, former employees and customers of Spire Storage will transition into Bear River Midstream LLC, a new portfolio company formed by I Squared Capital. The financial details of the sale include $600 million received at closing, alongside a deferred payment of $50 million expected in Spire's fiscal year 2027.

Scott Doyle, the president and CEO of Spire, expressed his satisfaction with this milestone, emphasizing its importance in refining the company’s focus on regulated utility services. He stated, “We’re proud of the strong storage platform we built and are grateful to the employees who contributed to its success and the overall success of Spire.” This sale bolsters Spire’s financial standing and enables the company to better serve its customers and shareholders in the long term.

The cash proceeds from this transaction are strategically designated for partially funding Spire's recent acquisition of Piedmont Natural Gas Tennessee, which was finalized on March 31, 2026. This indicates Spire’s continued growth strategy and investment in expanding its utility services.

In regards to Bear River Midstream, CEO Scott Smith, who previously led Spire Storage, plans to enhance operational capabilities and pursue growth opportunities that align with the rising demand for energy storage in the Western and Mid-Continent regions of the United States. The continuity of service teams from Spire ensures a smooth transition for customers, reaffirming commitments to service quality.

The assets involved in this transaction comprise two storage fields located in southwestern Wyoming and one in central Oklahoma. The Wyoming fields are equipped to deliver up to 55 billion cubic feet (Bcf) of working gas capacity primarily serving customers in the western U.S. Meanwhile, the Oklahoma facility caters to markets in the midcontinent and midwestern regions, with permission to provide 17 Bcf of working gas capacity.

Greenhill, a Mizuho affiliate, served as the exclusive financial advisor for Spire throughout this deal, with Vinson & Elkins LLP acting as legal counsel for Spire and Kirkland & Ellis representing I Squared Capital.

About Spire

Spire is recognized as a leading energy provider committed to delivering reliable natural gas services to nearly 2 million homes and businesses across multiple states, including Alabama, Mississippi, Missouri, and Tennessee. The company is continuously focused on improving its services and investing in infrastructure developments to ensure sustainable energy solutions for the future.

About I Squared Capital

I Squared Capital is an independent global investor focused on mid-market infrastructure, managing over $60 billion in assets. Founded in 2012, the firm has made significant strides in diversifying its investment portfolio, which includes power utilities, transport logistics, and environmental assets across more than 70 countries worldwide.

About Bear River Midstream

Bear River Midstream aims to provide secure and dependable natural gas storage solutions across the Western and Mid-Continent regions, reinforcing supply-demand balance to support customer needs effectively. Supported by I Squared Capital, Bear River Midstream is poised to meet the growing market demands for energy storage in the U.S.