Southwest Gas Holdings, Inc. announced on June 18, 2025, the closing of its upsized underwritten secondary public offering of Centuri Holdings, Inc. common stock. Southwest Gas Holdings sold 11,212,500 shares at $20.75 per share, including the full exercise of the over-allotment option.
Southwest Gas Holdings also entered an agreement to sell 1,060,240 shares to Icahn Partners for $22 million in a concurrent private placement. Southwest Gas Holdings received approximately $225 million from the offering and expects $22 million from the private placement, intending to use proceeds for debt repayment.
Following the completion of the offering, Southwest Gas Holdings' ownership in Centuri's outstanding common stock was reduced to approximately 53.3%, continuing its path towards full separation.
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