#United States #Las Vegas #Southwest Gas Holdings #Centuri Holdings #Carl Icahn

Southwest Gas Holdings' Secondary Public Offering for Centuri Holdings

Southwest Gas Holdings, Inc. (NYSE: SWX), a leading player in the energy distribution sector, has formally announced the start of an underwritten secondary public offering of Centuri Holdings, Inc. (NYSE: CTRI) common stock. As part of this financial maneuver, the company, acting as the selling stockholder, is set to offer 9 million shares of Centuri's existing common stock. Additionally, there is an expectation that underwriters will be provided a 30-day option to purchase up to an extra 1.35 million shares from the offering, underscoring the company's strategic approach in the marketplace.

Interestingly, a concurrent private placement is slated to occur, where investment entities connected to the well-known investor Carl C. Icahn, namely Icahn Partners and Icahn Partners Master Fund LP, are expected to purchase a combined $50 million of Centuri's stock. The purchase price for the shares acquired in this private placement will match the offering price per share, which indicates Icahn's confidence in Centuri’s future prospects.

This additional placement will occur directly after the closing of the public offering, subject to customary closing conditions, primarily hinging on the successful completion of the offering itself. Notably, these shares sold through the private placement will not be registered under the Securities Act of 1933, hence they will not be immediately available for resale.

Prior to the offering, Centuri Holdings has filed an effective shelf registration statement with the U.S. Securities and Exchange Commission (SEC), making the transaction compliant with regulatory requirements. A preliminary prospectus supplement describing the offering's detailed terms will be filed by Centuri and made accessible on the SEC's official site. Potential investors should be aware that any offers, solicitations, or purchases of these securities should be conducted in alignment with the Securities Act's registration stipulations.

About Southwest Gas Holdings

As a key player in the energy sector, Southwest Gas Holdings operates primarily through its subsidiary, Southwest Gas Corporation. It focuses on the purchase, distribution, and transportation of natural gas, catering to over 2 million customers in Arizona, Nevada, and California. The company aims to not only meet customer expectations with consistent service but also innovate sustainable energy solutions that support the growth of its communities.

Furthermore, Southwest Gas Holdings holds a majority stake in Centuri Holdings, Inc., which is vital in providing utility infrastructure services throughout North America, aligning with the company’s vision of empowering existing energy networks.

About Centuri Holdings

Centuri Holdings is an essential partner to regulated utilities, dedicated to sustaining and developing the energy networks that supply power to millions of homes and businesses across the United States and Canada. By focusing on utility infrastructure services, Centuri plays a vital role in the energy sector's growth and functionality.

Forward-Looking Statements

In this announcement, Southwest Gas Holdings has made certain forward-looking statements. These encompass expectations or intentions about the future concerning the timings and sizes of both the offering and the private placement, among other strategic business movements. Please note that various unpredicted factors could lead actual results to diverge from these expectations. Stakeholders are encouraged to review further details outlined in the Company’s periodic filings with the SEC, ensuring they've a clear understanding of any risks involved.

In summary, this secondary public offering not only opens up new avenues for investment but also highlights the robust strategies employed by Southwest Gas Holdings and Centuri Holdings to enhance their market footprint while fostering growth in the energy sector.