Boardwalk Pipelines to Acquire Spire Marketing for $215 Million, Expand Gas Value Chain

Boardwalk Pipelines will acquire Spire Marketing for $215 million, expanding gas marketing capabilities as Spire refocuses on regulated utility operations.

(P&GJ) — Boardwalk Pipelines has agreed to acquire Spire Marketing for $215 million in cash, expanding its presence across the natural gas value chain while adding marketing and trading capabilities to its midstream operations.

The deal brings a gas marketing business that supports procurement and physical delivery of natural gas across the U.S., serving commercial and industrial customers as well as pipelines, utilities and power generators.

“This is a step forward for Boardwalk as we continue to expand our participation across the natural gas value chain,” said Scott Hallam, president and chief executive officer of Boardwalk Pipelines. “By bringing on an experienced team with deep market expertise and established commercial capabilities, we seek to strengthen our asset optimization and more effectively serve our customers' increasingly complex energy needs.”

For Spire, the sale is part of a broader strategy to focus on its regulated utility operations and reduce exposure to non-core businesses.

“As we continue to sharpen our focus on our core regulated utility operations, we have entered into an agreement to sell our gas marketing business,” said Scott Doyle, president and chief executive officer of Spire. “The sale simplifies our business mix, improves our risk profile and enhances long-term earnings visibility.”

Spire said proceeds from the transaction will be used in part to fund its planned acquisition of the Piedmont Natural Gas Tennessee business, along with general corporate purposes.

The company reaffirmed its long-term adjusted earnings per share growth target of 5% to 7%, while updating its fiscal 2027 outlook to reflect the planned divestiture.

Spire Marketing will transition to Boardwalk as part of the deal, with leadership expecting continuity for employees and customers.

“We are excited to join Boardwalk which has such a positive industry presence and reputation to go along with a vision that recognizes the value and need for marketing and trading capabilities. We expect a seamless transition for our employees and clients as we join Boardwalk and continue to move our business forward,” said Pat Strange, president of Spire Marketing.

The transaction is expected to close in the third fiscal quarter of 2026, subject to regulatory approvals.