Southwest Gas Holdings completes Centuri separation with $525M sale

Southwest Gas Holdings Inc. (NYSE: SWX) announced the completion of its divestiture of Centuri Holdings Inc. (NYSE: CTRI) through a public stock offering that closed September 5, 2025.

Southwest Gas Holdings sold 27,362,210 existing shares of Centuri common stock at $19.60 per share, generating net proceeds of approximately $525 million after underwriter fees. The company no longer owns any shares of Centuri following the transaction.

The proceeds will be used to repay holding company debt, including a term loan, leaving Southwest Gas Holdings with approximately $600 million in cash. The company stated the funds are expected to primarily support future capital investments at Southwest Gas Corporation, including a potential 2028 expansion of Great Basin Gas Transmission Company.

"We've successfully completed our exit from Centuri, positioning Southwest Gas Holdings as a premier fully regulated natural gas company," said Karen Haller, President and Chief Executive Officer. "This strategic transformation enhances transparency, simplifies our story, and aligns us squarely with long-term value creation in the utility space."

Southwest Gas Holdings, through its primary operating subsidiary Southwest Gas Corporation, distributes and transports natural gas to over 2 million customers across Arizona, Nevada, and California. The separation allows the company to focus exclusively on its regulated utility operations.

The divestiture represents the completion of Southwest Gas Holdings' previously announced plan to separate from Centuri, which operates as an infrastructure services company. The transaction was structured as a registered public offering under Securities Act requirements.

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