Southwest Gas Holdings launches secondary offering of Centuri stock

Southwest Gas Holdings Inc. (NYSE: SWX) announced the commencement of an underwritten secondary public offering of 15 million shares of Centuri Holdings Inc. (NYSE: CTRI) common stock. The company will serve as the selling stockholder in the transaction and has granted underwriters a 30-day option to purchase up to an additional 2.25 million shares.

Alongside the public offering, investment entities affiliated with Carl C. Icahn will purchase 1,573,500 shares of Centuri common stock from Southwest Gas Holdings in a concurrent private placement. Icahn Partners and Icahn Partners Master Fund LP will pay a price per share equal to the public offering price. The private placement is expected to close immediately following the completion of the public offering, subject to customary closing conditions.

The shares are being offered under an effective shelf registration statement filed by Centuri with the Securities and Exchange Commission. A preliminary prospectus supplement detailing the offering terms will be filed with the SEC and made available on the agency's website.

Southwest Gas Holdings operates as a natural gas distribution company serving over 2 million customers across Arizona, Nevada and California through its primary subsidiary Southwest Gas Corporation. The company holds a majority ownership stake in Centuri Holdings, which provides utility infrastructure services throughout North America.

Centuri Holdings operates as a utility infrastructure services company that partners with regulated utilities to build and maintain energy networks across the United States and Canada.

The closing of the public offering is not conditional upon the completion of the concurrent private placement transaction.

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