Spire completes sale of gas marketing business to Boardwalk Pipelines for $215 million
Spire (NYSE: SR) completed the sale of its gas marketing business, Spire Marketing, to Boardwalk Pipelines for $215 million in cash, effective April 30, 2026.
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Rhea-AI Summary
Spire (NYSE: SR) completed the sale of its gas marketing business, Spire Marketing, to Boardwalk Pipelines for $215 million in cash, effective April 30, 2026. Employees and clients will transfer to Boardwalk Continuum Marketing.
Proceeds will partially fund Spire's acquisition of the Piedmont Natural Gas Tennessee business and be used for general corporate purposes.
Positive
- $215 million cash proceeds from sale
- Proceeds used to partially fund Piedmont Natural Gas Tennessee acquisition
- Employees and clients transitioned to Boardwalk Continuum Marketing for continuity
Negative
- Spire no longer owns its gas marketing business, reducing nonregulated business ownership
Details
News Market Reaction – SR
On May 1, the first trading day after this news, SR closed 0.84% below the previous close.
Data tracked by StockTitan Argus for the May 1 session.
Key Figures
- Sale price
- $215 million cash
- Consideration for sale of Spire Marketing to Boardwalk Pipelines
- Effective date
- April 30, 2026
- Closing date for Spire Marketing sale
Historical Context
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Agreed sale of Spire Mississippi LDC to Delta Utilities for $75 million.
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Details on Mississippi divestiture valuation, customers and planned use of proceeds.
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Agreement to sell Wyoming and Oklahoma gas storage assets for $650 million.
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Announcement of FY26 Q2 earnings call and webcast timing on May 6.
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Completion of $2.48 billion Piedmont Tennessee gas business acquisition.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
midstream operators technical
load-serving entities technical
natural gas marketer technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Sale complete, effective April 30, 2026, for
$215 million - Employees and clients of Spire Marketing will transition to the new Boardwalk business unit, Boardwalk Continuum Marketing, LLC
- Transaction sharpens Spire's focus on regulated natural gas utility businesses
- Proceeds used to partially fund the acquisition of the Piedmont Natural Gas Tennessee business and for general corporate purposes
Employees and clients of Spire Marketing will transition to the new Boardwalk business unit, Boardwalk Continuum Marketing, LLC. Proceeds from the sale were used to partially fund Spire's acquisition of the Piedmont Natural Gas Tennessee business and for general corporate purposes.
"The successful completion of this transaction represents an important step as Spire sharpens focus on core utility operations while improving our risk profile and enhancing long-term earnings visibility," said Scott Doyle, president and chief executive officer of Spire. "We are thankful for the contributions of everyone who has made Spire Marketing a success and wish them well as they transition to Boardwalk."
"Our future will be defined not just by the assets we own, but by how effectively we connect supply to demand and deliver solutions our customers value," said Scott Hallam, president and chief executive officer of Boardwalk Pipelines. "Boardwalk Continuum Marketing strengthens our ability to offer differentiated, market-responsive services that help customers navigate an increasingly complex energy landscape."
Pat Strange, who served as president of Spire Marketing, will continue to lead the organization as president of Boardwalk Continuum Marketing.
"We are looking forward to beginning this next chapter as Boardwalk Continuum Marketing," said Strange. "Boardwalk's vision recognizes the critical role of marketing and trading capabilities in today's energy market. Our customers can expect continuity of service, a seamless transition, and the added benefits of being part of a highly integrated natural gas platform."
Boardwalk Continuum Marketing is a North American Natural Gas marketer that focuses on the purchase and delivery of natural gas to its customers, including producers, midstream operators, pipelines, storage operators, load-serving entities, large industrials and selected retail accounts. As part of Boardwalk's natural gas platform and coupled with its existing network of storage and transportation capacity, Boardwalk Continuum has the necessary scale, market presence, and commercial capabilities to support customers across the natural gas value chain. Stinson LLP served as legal counsel to Spire in the transaction.
About Spire
At Spire (NYSE: SR), our vision is to deliver a stronger energy future as an industry-leading natural gas provider. We safely and reliably serve the natural gas needs of close to 2 million homes and businesses through gas utilities in
About Boardwalk Pipelines, LP
Boardwalk Pipelines, LP ("Boardwalk") delivers reliable energy by connecting natural gas supply with the markets and communities that depend on it. Through an integrated network of interstate and intrastate pipelines and underground storage assets, Boardwalk supports energy reliability, market connectivity, and long-term value creation across
Investor Contact:
Megan L. McPhail
314-309-6563
Megan.McPhail@SpireEnergy.com
Media Contact:
Jason Merrill
314-342-3300
Jason.Merrill@SpireEnergy.com
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SOURCE Spire Inc.
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