Southwest Gas Holdings Announces Pricing of Centuri Holdings, Inc. Secondary Offering

LAS VEGAS, Aug. 7, 2025 – Southwest Gas Holdings (NYSE: SWX) is trimming its stake in Centuri Holdings (NYSE: CTRI) via a secondary public offering. The utility giant announced the pricing of 15 million shares of Centuri common stock at $19.50 a pop. This move signals Southwest Gas’s continued strategic realignment, with the potential for even more shares to hit the market.

Underwriters have been granted a 30-day option to purchase an additional 2.25 million shares, potentially boosting Southwest Gas’s proceeds even further. The offering is anticipated to close on August 11th, pending the usual regulatory green lights.

Adding a layer of intrigue to the deal, activist investor Carl Icahn’s affiliated entities, Icahn Partners and Icahn Partners Master Fund LP, are slated to scoop up 1,573,500 shares directly from Southwest Gas in a concurrent private placement. The price mirrors the public offering, ensuring a consistent valuation across the board. This private transaction is expected to finalize immediately after the public offering closes.

J.P. Morgan, Wells Fargo Securities, BofA Securities, and Moelis & Company are steering the ship as joint lead book-running managers. A syndicate of other firms, including Baird, BTIG, KeyBanc Capital Markets, MUFG, and UBS Investment Bank, are acting as book-runners. Siebert Williams Shank rounds out the team as co-manager.

The offering is being made under an existing shelf registration statement filed with the SEC. A preliminary prospectus supplement with offering details is available on the SEC’s website.

About Southwest Gas Holdings

Southwest Gas Holdings, primarily through Southwest Gas Corporation, is a major player in the natural gas distribution and transportation business. Serving over 2 million customers across Arizona, Nevada, and California, the company focuses on delivering safe, reliable energy while exploring sustainable solutions.

About Centuri

Centuri Holdings partners with regulated utilities to build and maintain the critical energy infrastructure that powers millions of homes and businesses across the United States and Canada.

Looking Ahead

This deal underscores Southwest Gas’s ongoing strategic moves. While aiming to bolster its balance sheet, it’s also telegraphing its long-term vision for its investment in Centuri. Keep an eye on this space, as further developments could reshape the utility landscape. As always, forward-looking statements come with inherent risks, detailed in Southwest Gas Holdings’ and Centuri’s SEC filings.