Spire To Buy MoGas Pipeline And Omega Pipeline For $175 Mln

(RTTNews) - Spire Inc. (SR), a natural gas distribution company on Thursday said it agreed to acquire MoGas Pipeline or MoGas, an interstate natural gas pipeline, and Omega Pipeline or Omega, a connected gas distribution system, from CorEnergy Infrastructure Trust Inc., for $175 million.

The transaction is expected to close in the fourth quarter of Spire's fiscal year.

MoGas owns and operates about 263 miles of interstate natural gas pipelines, mainly in Missouri that is regulated by the Federal Energy Regulatory Commission. It interconnects with Spire STL Pipeline to deliver gas to spire's customers in St. Charles, Franklin, and western St. Louis counties, among other utility, municipal, industrial customers.

Omega owns and operates approximately 75-mile natural gas distribution system within Fort Leonard Wood in south-central Missouri and is also interconnected with MoGas system.

On Wednesday, shares of Spire closed at $66.04 down 2.93% or $1.99 on the New York Stock Exchange.