Southwest Gas Holdings, Inc. announced on May 20, 2025, the commencement of an underwritten secondary public offering of 9,000,000 shares of Centuri's common stock. Southwest Gas Holdings, as the selling stockholder, also granted underwriters a 30-day option to purchase up to an additional 1,350,000 shares.
In a concurrent private placement, investment entities affiliated with Carl C. Icahn, Icahn Partners and Icahn Partners Master Fund LP, will purchase an aggregate of $50 million in Centuri shares from Southwest Gas Holdings at the offering price.
Centuri Holdings is not selling any shares in this offering or the private placement and will not receive any proceeds from the sale, which is part of Southwest Gas Holdings' plan to reduce its ownership stake.
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