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.

Piedmont Natural Gas is being sold by its parent company Duke Energy in a $2.48 billion deal expected to close early next year. Why it matters: Most people in the Nashville area's natural gas will soon be supplied by Spire,

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,