Southwest Gas Holdings, Inc. announced on May 22, 2025, the closing of its underwritten secondary public offering of Centuri Holdings, Inc. common stock. Southwest Gas Holdings sold 10,350,000 shares at $17.50 per share, including the full exercise of the over-allotment option.
A concurrent private placement also closed, with Icahn Partners purchasing 2,857,142 shares for $50 million. Southwest Gas Holdings received approximately $175 million from the offering and $50 million from the private placement, which it intends to use for debt repayment.
Following these transactions, Southwest Gas Holdings' ownership in Centuri's outstanding common stock was reduced to approximately 65.9%, marking a significant step in its planned separation.
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