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Spire Inc. (NYSE:SR) today announced it has entered into an agreement to acquire MoGas Pipeline (MoGas), an interstate natural gas pipeline, and Omega Pipeline (Omega), a connected gas distribution system, from CorEnergy Infrastructure Trust, Inc. (NYSE:CORR), for $175 million, subject to customary working capital and other closing adjustments. The transaction is expected to close in Spire's fiscal fourth quarter, pending Hart-Scott-Rodino review and subject to customary closing conditions.
"These businesses fit well with our existing natural gas midstream businesses and enhance our ability to serve customers in Missouri," said Steve Lindsey, executive vice president and chief operating officer of Spire. "We see great value in adding MoGas and Omega to our natural gas portfolio and expect them to support Spire's growth."
MoGas owns and operates approximately 263 miles of interstate natural gas pipelines, primarily in Missouri, and is regulated by the Federal Energy Regulatory Commission. MoGas interconnects with Spire STL Pipeline and other regional pipelines to deliver gas to Spire Missouri's growing customer base in St. Charles, Franklin, and western St. Louis counties, among other utility, municipal, industrial, and commercial customers. Omega owns and operates an approximately 75-mile natural gas distribution system within Fort Leonard Wood in south-central Missouri and is interconnected with the MoGas system.
