Spire Inc. shares fall 4.29% intraday after announcing $2.48 billion acquisition of Piedmont Natural Gas Tennessee LDC business.

Spire Inc. declined 4.29% intraday, with the company announcing its acquisition of the Piedmont Natural Gas Tennessee LDC business from Duke Energy for $2.48 billion. The acquisition is expected to expand Spire's regulated utility footprint, diversify growth, and support long-term earnings and dividend growth. However, the market may be reacting negatively to the significant investment required for the acquisition or potential integration challenges.