2023-05-25 08:21:42 ET
- Spire ( NYSE: SR ) said Thursday it agreed to acquire the MoGas System, which includes the MoGas Pipeline and Omega Pipeline, from CorEnergy Infrastructure Trust ( NYSE: CORR ) for $175M.
- The MoGas System is an interstate natural gas transmission and distribution system providing service to markets in Missouri and Illinois.
- MoGas interconnects with the Spire STL Pipeline and other regional pipelines to deliver gas to Spire's ( SR ) customer base in St. Charles, Franklin, and western St. Louis counties in Missouri.
- CorEnergy ( CORR ) said the sale will allow it to significantly de-leverage its balance sheet and strengthen its overall capital structure, and the proceeds will be used to repay all CorEnergy bank debt , ~$100M.
For further details see:
Spire to buy MoGas, Omega pipelines from CorEnergy for $175M