Duke Energy said it would sell its Tennessee natural gas distribution business to Spire for $2.48 billion in cash.

Spire Inc. (NYSE: SR) today announced it has entered into an agreement with Piedmont Natural Gas, a wholly-owned subsidiary of Duke Energy (NYSE: DUK), to acquire its Tennessee local distribution company business that serves more than 200,

With an announced $2.5 billion move, Spire continues a decade-plus run of predominantly fueling its expansion by buying gas utilities in the South.