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Stock offerings

Centuri Holdings Announces Underwritten Secondary Public Offering of Common Stock

Strategic Insights

— 1 min read

Centuri Holdings, Inc. has commenced an underwritten secondary public offering of 9,000,000 shares of its common stock by Southwest Gas Holdings, Inc. as selling stockholder. This move is part of an effort to raise capital for investment and growth initiatives. The offering will be managed by J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities, among others. Icahn Partners, affiliated with Carl C. Icahn, has agreed to purchase $50 million in shares of Centuri's common stock from Southwest Gas in a concurrent private placement. The sale of these shares is not registered under the Securities Act of 1933 and will be made in accordance with the registration requirements of the Securities Act.

Key Takeaways:

  • Centuri Holdings, Inc. has announced an underwritten secondary public offering of 9,000,000 shares of its common stock, with Southwest Gas Holdings, Inc. as the selling stockholder.
  • J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities are acting as joint lead book-running managers for the proposed offering.
  • The concurrent private placement will involve the purchase of $50 million in shares of Centuri's common stock from Southwest Gas by Icahn Partners, affiliated with Carl C. Icahn.
  • The sale of these shares is not registered under the Securities Act of 1933 and will be made in accordance with the registration requirements of the Securities Act.
  • The registration statement on Form S-3 relating to the securities being sold in the proposed offering has been filed with and declared effective by the U.S. Securities and Exchange Commission (SEC).
  • The proposed offering will be made only by means of a prospectus supplement and accompanying prospectus that forms a part of the registration statement.

Statistics:

  • 9,000,000 shares of Centuri's common stock will be sold by Southwest Gas Holdings, Inc. as part of the underwritten secondary public offering.
  • An additional 1,350,000 shares of Centuri's common stock may be purchased by the underwriters as part of a 30-day option.
  • The concurrent private placement involves the purchase of $50 million in shares of Centuri's common stock from Southwest Gas by Icahn Partners, affiliated with Carl C. Icahn.
  • The offering is expected to raise capital for investment and growth initiatives for Centuri Holdings, Inc.
  • The registration statement on Form S-3 was filed with and declared effective by the SEC.

Sources:

  • https://www.businesswire.com/news/home/20250520553238/en/
  • Registration statement on Form S-3 (filed with the SEC)

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