Spire closes $215M gas marketing sale and declares $0.825 dividend
Spire completed the sale of its gas marketing business to Boardwalk Pipelines for $215 million, using proceeds to partly fund its Piedmont Natural Gas Tennessee acquisition and for general corporate purposes. The board declared a quarterly dividend of $0.825 per share payable July 2, marking 23 consecutive years of increases.
1. Gas Marketing Business Sale
Spire Inc. has completed the sale of its Spire Marketing unit to Boardwalk Pipelines for $215 million in cash, effective April 30, 2026. The transaction transfers all employees and client contracts to the new Boardwalk Continuum Marketing business unit.
2. Use of Proceeds and Strategic Focus
Proceeds from the sale will partially fund Spire’s acquisition of the Piedmont Natural Gas Tennessee operations and support general corporate purposes. This divestiture aligns Spire’s strategy toward its core regulated utility businesses and aims to improve its risk profile and earnings visibility.
3. Dividend Declaration
Spire’s board of directors declared a quarterly common stock dividend of $0.825 per share, payable July 2, 2026, to shareholders of record as of June 11, 2026. This marks the 23rd consecutive year of dividend increases, reflecting the company’s commitment to shareholder returns.