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Southwest Gas Holdings Announces Closing of Secondary Public Offering of Centuri Holdings, Inc. Common Stock
Southwest Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas Holdings" or the "Company") today announced the closing of its underwritten secondary public offering of Centuri Holdings, Inc. (NYSE: CTRI) ("Centuri") common stock (the "Offering"). Southwest Gas Holdings, as the selling stockholder, sold 17,250,000 existing shares of Centuri's common stock at a public offering price of $19.50 per share (the "Offering Price"), including the underwriters' full exercise of their option to purchase 2,250,00
About this update from Southwest Gas Holdings, Inc.
[{"type":"text","content":"LAS VEGAS, Aug. 11, 2025 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas Holdings" or the "Company") today announced the closing of its underwritten secondary public offering of Centuri Holdings, Inc. (NYSE: CTRI) ("Centuri") common stock (the "Offering"). Southwest Gas Holdings, as the selling stockholder, sold 17,250,000 existing shares of Centuri's common stock at a public offering price of $19.50 per share (the "Offering Price"), including the underwriters' full exercise of their option to purchase 2,250,000 shares to cover over-allotments.","length":663,"tagName":"p"},{"type":"text","content":"As previously announced, in addition to the shares of Centuri's common stock sold in the Offering, Icahn Partners LP and Icahn Partners Master Fund LP, investment entities affiliated with Carl C. Icahn, purchased an aggregate of 1,573,500 shares of Centuri's common stock in a concurrent private placement at a price per share equal to the Offering Price. The sale of these shares was not registered under the Securities Act of 1933, as amended (the "Securities Act").","length":511,"tagName":"p"},{"type":"text","content":"Southwest Gas Holdings received net proceeds of approximately $325 million from the Offering, after deducting the Underwriters' discounts and commissions, and net proceeds of approximately $31 million from the concurrent private placement. Southwest Gas Holdings intends to use the proceeds from the Offering and the concurrent private placement for the repayment of outstanding indebtedness and for general corporate purposes. Following the completion of the Offering and the concurrent private placement, Southwest Gas Holdings continues to own approximately 30.9% of Centuri's outstanding common stock. As a result of the Offering, Southwest Gas Holdings no longer has a controlling financial interest in Centuri and has determined that Centuri should be deconsolidated from its consolidated financial statements under applicable U.S. GAAP. As a result, Southwest Gas Holdings will account for its remaining interest in Centuri using the equity method of accounting.","length":987,"tagName":"p","attribs":{}},{"type":"text","content":"J.P. Morgan, Wells Fargo Sec...