Duke Energy said on July 27, 2025 its subsidiary Piedmont Natural Gas Company, Inc. entered into an Asset Purchase Agreement with Spire Inc. to sell its Tennessee natural gas local distribution company business.

1. 01

   Duke Energy said on July 27, 2025 its subsidiary Piedmont Natural Gas Company, Inc. entered into an Asset Purchase Agreement with Spire Inc. to sell its Tennessee natural gas local distribution company business.

2. 02

   The company said the purchase price is $2.48 billion and is subject to adjustment based on net working capital, regulatory assets and liabilities, and capital expenditures at closing. The press release explained the amount is payable in cash.

3. 03

   Duke Energy said the transaction is subject to customary closing conditions, including expiration or termination of the Hart-Scott-Rodino waiting period and approval by the Tennessee Public Utility Commission, is not subject to a financing condition, and is expected to close in Q1 2026.

4. 04

   The company said approximately $800 million of the proceeds will be used to repay debt at Piedmont Natural Gas, and the remaining net proceeds of $1.5 billion will be used to fund its 5-year capital plan of $83 billion.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.