Centuri Holdings

Southwest Gas Holdings is reducing its stake in Centuri Holdings through a secondary public offering of 15 million shares at $19.50 each. Underwriters have an option to purchase an additional 2.25 million shares. Carl Icahn’s affiliates will acquire 1,573,500 shares in a concurrent private placement at the same price. J.P. Morgan, Wells Fargo Securities, BofA Securities, and Moelis & Company are lead book-running managers. The offering, expected to close on August 11th, marks Southwest Gas’s strategic realignment and could signal further changes in its Centuri investment.