Duke Energy completes sale of its Tennessee Piedmont Natural Gas business to Spire

Core Viewpoint - Duke Energy has successfully completed the sale of its Tennessee Piedmont Natural Gas business to Spire for $2.48 billion, which will help fund its significant capital investment plans [1][2][3]. Financial Summary - The sale proceeds will be allocated as follows: approximately $800 million will be used to pay down debt at Piedmont Natural Gas, while the remaining $1.5 billion (net of tax) will support a $103 billion regulated capital plan over the next five years [2][8]. Operational Impact - The transaction includes nearly 3,800 miles of distribution and transmission pipelines serving over 200,000 customers, with operations primarily remaining in the Greater Nashville area [3][9]. - Piedmont Natural Gas employees have transitioned to Spire to ensure business continuity for operations and customer service [3]. Company Statements - Duke Energy's CEO emphasized the importance of this transaction in funding their capital plan aimed at meeting growing energy needs while managing costs for over 10 million customers [3]. - Spire's CEO expressed enthusiasm about welcoming Piedmont customers and employees, highlighting the acquisition's role in expanding their core utility business [3][10]. Advisory and Legal Support - JP Morgan Securities LLC and RBC Capital Markets LLC acted as financial advisors for Duke Energy, while Skadden, Arps, Slate, Meagher & Flom LLP provided legal advisory services [4].