The acquisition, pending regulatory approvals, will result in the creation of a new business unit, Spire Tennessee.

With an announced $2.5 billion move, Spire continues a decade-plus run of predominantly fueling its expansion by buying gas utilities in the South.

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.