Deal Details

Centuri Holdings, Inc. (“Centuri”) (NYSE: CTRI) recently completed the pricing of an underwritten public offering of 7,441,860 shares of Centuri’s common stock at a price of $21.50 per share (the “Offering”). The Offering generated approximately $160.0 million in primary gross proceeds to Centuri. Centuri has also granted the underwriters a 30-day option to purchase up to an additional 1,116,279 shares of Centuri’s common stock.

In addition to the shares of Centuri’s common stock sold in the Offering, Centuri announced that Icahn Partners LP and Icahn Partners Master Fund LP, investment entities affiliated with Carl C. Icahn, purchased an aggregate 3,488,372 shares of Centuri’s common stock in a concurrent private placement at a price per share equal to the Offering price (the “Private Placement”). The Private Placement generated approximately $75.0 million in primary gross proceeds to Centuri.

Centuri intends to use the net proceeds from the Offering and the Private Placement for general corporate purposes, which may include, among other things, the funding of acquisitions and the repayment of borrowings outstanding under its current credit agreement.

Baird served as a bookrunner on the Offering.