Southwest Gas Holdings, Inc. announced on August 11, 2025, the closing of its underwritten secondary public offering, selling 17,250,000 shares of Centuri's common stock at $19.50 per share, including the full exercise of the over-allotment option.
A concurrent private placement also closed, with Icahn Partners purchasing 1,573,500 shares for approximately $31 million. Southwest Gas Holdings received approximately $325 million from the offering and $31 million from the private placement, intending to use proceeds for debt repayment and general corporate purposes.
Following these transactions, Southwest Gas Holdings' ownership in Centuri's outstanding common stock was reduced to approximately 30.9%. As a result, Southwest Gas Holdings no longer has a controlling financial interest and will deconsolidate Centuri from its financial statements, accounting for its remaining interest using the equity method.
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