Spire Global Inc. completed the sale of its Mississippi Gas Business to Delta Utilities for $75 million in cash, a transaction that will close near the end of 2026 or in the first quarter of 2027 pending regulatory approval. The deal transfers approximately 18,000 customers and 745 miles of regulated natural‑gas distribution infrastructure in Mississippi to Delta, which is backed by Bernhard Capital Partners.
The sale represents a 1.4‑times multiple of the 2025 rate base and is part of Spire’s broader strategy to divest legacy regulated gas assets and concentrate capital on its high‑growth satellite‑based data and services businesses. Proceeds will be used to fund planned infrastructure investments across Spire’s remaining regulated gas utilities in Alabama, Missouri, and Tennessee, while also supporting expansion of its weather, RF intelligence, and defense‑intelligence satellite services.
Spire CEO Scott Doyle said, "This transaction sharpens our focus on our larger regulated gas utilities where we will continue to prioritize modernizing our infrastructure while supporting customer affordability." He added, "We're confident Delta will be a strong operator for the benefit of both employees and customers. I am deeply grateful to the Spire Mississippi team for their dedication and contributions over the years."
Delta CEO Tim Poché noted, "This agreement reflects our long‑term commitment to Mississippi and the customers and communities we serve. By bringing these geographically aligned systems together, we can deploy capital more efficiently, strengthen service reliability and further position the company to meet customer needs today and over the long term."
The transaction underscores Spire’s pivot away from legacy gas operations toward a focused, technology‑driven business model. By shedding a legacy asset that is less aligned with its core satellite data services, Spire can allocate capital to scale its satellite constellation, enhance data analytics capabilities, and pursue strategic acquisitions in the space‑data sector. For Delta, the acquisition expands its footprint, creates operational efficiencies, and positions the company to better serve Mississippi’s growing natural‑gas demand.
The deal also signals a broader trend of regulated utilities consolidating to achieve scale and operational efficiencies, while data‑centric companies like Spire streamline portfolios to accelerate growth in high‑margin, high‑technology segments.
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