Spire Inc., a regional public utility holding company based in St. Louis, Mo., providing natural gas service, has purchased the MoGas and Omega pipeline systems from CorEnergy Infrastructure Trust Inc.
The systems were bought for approximately $175 million in cash. The MoGas system is an interstate natural gas transmission and distribution system providing service to markets in Missouri and Illinois.
“The sale of our MoGas and Omega systems enables us to significantly de-leverage our balance sheet and strengthen our overall capital structure,” states Dave Schulte, chairman and chief executive officer of CorEnergy. “This is one of several 2023 initiatives we are undertaking to improve our balance sheet and operating results, including proposed tariff increases and corporate cost reductions.”
Evercore acted as the company’s financial advisor while K&L Gates served as legal counsel.