Spire Sells Storage Assets to I Squared Capital for $650 Million

The deal involves a $600 million cash payment at closing, supplemented by a $50 million fixed payment scheduled for fiscal year 2027. These proceeds are earmarked to offset the costs of Spire’s recent acquisition of the Piedmont Natural Gas Tennessee business, which was completed in March. Under the new ownership, the storage assets will operate under Bear River Midstream LLC, a portfolio entity established by I Squared Capital.

Scott Doyle, CEO of Spire, stated that the move strengthens the company's financial standing and aligns with long-term utility goals. For customers and staff, the transition aims for continuity. Scott Smith, who previously led Spire Storage and now serves as CEO of Bear River Midstream, confirmed that existing operations and service teams will remain in place to manage the facilities. The divested portfolio includes two Wyoming storage fields with 55 Bcf of capacity and an Oklahoma facility providing 17 Bcf, both serving critical Western and Mid-Continent energy markets.