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,

Duke Energy stands to gain $2.48 billion in cash with the sale of its Piedmont Natural Gas Tennessee local distribution company business to Spire Inc., one of the nation’s largest publicly traded natural gas companies.