Monitor the MPSC regulatory approval process, as this is the primary condition for closing. The $75 million in proceeds are expected to be used for infrastructure investments in Spire's remaining regulated utilities in Alabama, Missouri, and Tennessee.
Price Chart
Executive Summary
Spire Inc. (SRJN) has agreed to sell its Mississippi natural gas subsidiary, Spire Mississippi Inc., to Delta Mississippi Gas Company, LLC for $75 million in cash. The transaction, expected to close in the first quarter of fiscal 2027, is subject to regulatory approval from the Mississippi Public Service Commission (MPSC). The deal includes a $7.5 million reverse termination fee if the buyer backs out under certain conditions.
Key Financial Metrics
Key Facts
- Spire Inc. is selling its Mississippi natural gas utility, Spire Mississippi Inc., to Delta Mississippi Gas Company, LLC.
- The purchase price is $75 million in cash.
- The transaction is subject to regulatory approval by the Mississippi Public Service Commission (MPSC).
- A reverse termination fee of $7.5 million (10% of purchase price) applies if the buyer terminates under certain conditions.
- The deal is expected to close in the first quarter of Spire's fiscal 2027 (ending September 30, 2027).
- Spire Mississippi serves approximately 18,000 customers and has 745 miles of distribution pipelines.
Financial Impact
The sale will result in a one-time cash inflow of $75 million for Spire Inc., subject to adjustments. The transaction represents a 1.4x multiple of 2025 rate base.
Risk Factors
- Failure to obtain regulatory approval from the Mississippi Public Service Commission
- Potential delays in closing the transaction
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-168301 |
| Document: sr-20260421.htm | 0001193125-26-168301 |
| Document: sr-ex99_1.htm | 0001193125-26-168301 |
| Document: 0001193125-26-168301-index-headers.html | 0001193125-26-168301 |
| Document: 0001193125-26-168301-index.html | 0001193125-26-168301 |
| Document: 0001193125-26-168301.txt | 0001193125-26-168301 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 6, 2026 24w ago | 8-K | $25.00 $23.26 | ▼ −6.96% | ▼ −9.02% | $20.31 (−18.76%) |
Apr 30, 2026 25w ago | 8-K | $24.26 $23.37 | ▼ −3.66% | ▼ −6.73% | $20.31 (−16.28%) |
Apr 22, 2026 26w ago | 8-K | $24.78 $23.94 | ▼ −3.39% | ▼ −8.17% | $20.31 (−18.04%) |
Apr 15, 2026 27w ago | 8-K | $25.01 $24.01 | ▼ −4.00% | ▼ −12.14% | $20.31 (−18.79%) |
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