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.

Duke Energy agreed to sell its Piedmont Natural Gas Tennessee local distribution company business to Spire for $2.48B in cash.

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.