Southwest Gas Holdings prices Centuri stock offering at $19.50 per share

Southwest Gas Holdings Inc. (NYSE: SWX) announced the pricing of a secondary public offering of 15 million shares of Centuri Holdings Inc. (NYSE: CTRI) common stock at $19.50 per share. The company has granted underwriters a 30-day option to purchase up to an additional 2.25 million shares.

The offering is expected to close on August 11, 2025, subject to customary closing conditions. Southwest Gas Holdings serves as the selling stockholder in the transaction.

In a concurrent private placement, Icahn Partners and Icahn Partners Master Fund LP, investment entities affiliated with Carl C. Icahn, will purchase 1.57 million shares of Centuri common stock from Southwest Gas Holdings at the same price per share. This private placement is expected to close immediately following the public offering and is subject to customary closing conditions, including completion of the public offering.

J.P. Morgan, Wells Fargo Securities, BofA Securities and Moelis & Company are serving as joint lead book-running managers for the offering. Baird, BTIG, KeyBanc Capital Markets, MUFG, and UBS Investment Bank are acting as book-running managers, while Siebert Williams Shank serves as co-manager.

The shares are being offered under an effective shelf registration statement filed by Centuri with the U.S. Securities and Exchange Commission. Southwest Gas Holdings is the majority owner of Centuri, which provides utility infrastructure services across North America.

Southwest Gas Holdings operates as a natural gas utility serving over 2 million customers in Arizona, Nevada, and California through its primary subsidiary Southwest Gas Corporation.

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