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 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.

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,