Duke Energy said on Tuesday it would sell its Tennessee natural gas distribution business to Spire for $2.48 billion in cash, as the utility aims to streamline operations and unlock capital to invest in electric grid upgrades.

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,

Piedmont Natural Gas is being sold by its parent company Duke Energy in a $2.48 billion deal expected to close early next year. Why it matters: Most people in the Nashville area's natural gas will soon be supplied by Spire,