Deal Details

Centuri Completes $181.1 Million Follow-On Offering

Technology & Services

Centuri follow-on offering

Summary

Centuri Holdings, Inc. (“Centuri”) (NYSE: CTRI) recently completed a public offering on behalf of Southwest Gas Holdings, Inc. (“Southwest Gas”) (NYSE: SWX), of 10,350,000 shares of Centuri’s common stock (the “Offering”), including 1,350,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares at a public offering price of $17.50 per share. The Offering generated gross proceeds of $181.1 million to Southwest Gas.

In addition to the shares of Centuri’s common stock sold in the Offering, Southwest Gas announced that Icahn Partners and Icahn Partners Master Fund LP, investment entities affiliated with Carl C. Icahn, purchased approximately $50 million in shares of Centuri’s common stock in a concurrent private placement at a price per share equal to the Offering price per share.

Centuri did not receive any proceeds from the Offering or concurrent private placement.

Baird served as a co-manager on this Offering.

About

Centuri is a strategic utility infrastructure services company that partners with regulated utilities to build and maintain the energy network that powers millions of homes and businesses across the United States and Canada. Centuri is headquartered in Phoenix, Arizona.

Southwest Gas, through its primary operating subsidiary Southwest Gas Corporation, engages in the business of purchasing, distributing and transporting natural gas. Southwest Gas Corporation is a dynamic energy company committed to exceeding the expectations of over 2 million customers throughout Arizona, Nevada and California by providing safe and reliable service while innovating sustainable energy solutions to fuel the growth in its communities. In addition, Southwest Gas is the majority owner of Centuri, which provides comprehensive utility infrastructure services across North America. Southwest Gas is headquartered in Las Vegas, Nevada.

Technology & Services

Centuri follow-on offering