PHOENIX, June 17, 2025 — Centuri Holdings, Inc. (NYSE: CTRI) (“Centuri” or the “Company”) today announced the pricing of an underwritten secondary public offering of 9,750,000 shares of Centuri’s common stock by Southwest Gas Holdings, Inc. (“Southwest Gas”) as selling stockholder (the “Offering”). The size of the Offering reflects an increase from the 9,500,000 shares originally proposed to be sold. Southwest Gas has also granted the underwriters a 30-day option to purchase up to an additional 1,462,500 shares of Centuri’s common stock. The Offering is expected to close on June 18, 2025, subject to customary closing conditions.
Subject to the expiration or early termination of the applicable waiting period relating to certain antitrust filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, Southwest Gas has also entered into an agreement to sell to Icahn Partners and Icahn Partners Master Fund LP, investment entities affiliated with Carl C. Icahn (the “Icahn Investors”), an aggregate of $22 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. The concurrent private placement is also subject to the satisfaction or waiver of customary closing conditions, including the completion of the Offering, and if the closing of the concurrent private placement has not occurred by July 9, 2025, the concurrent private placement will terminate without the sale of any shares to the Icahn Investors. The sale of these shares, if effected, will not be registered under the Securities Act of 1933, as amended (the “Securities Act”). The closing of the Offering is not conditioned upon the closing of the concurrent private placement.
Centuri is not selling any shares of common stock in the Offering or the concurrent private placement and will not receive any proceeds from the sale of the shares being offered by Southwest Gas.
J.P. Morgan and Wells Fargo Securities are acting as joint lead book-running managers for the Offering. BofA Securities, KeyBanc Capital Markets, Mizuho Securities, Moelis & Company, TD Securities, and UBS Investment Bank are acting as book-running managers for the Offering. BTIG, MUFG, Siebert Williams Shank, and Academy Securities are acting as co-managers for the Offering.
A registration statement on Form S-3 relating to the securities being sold in the Offering has been filed with and declared effective by the U.S. Securities and Exchange Commission (the “SEC”) and is available on the SEC’s website at www.sec.gov. The Offering will be made only by means of a prospectus supplement and accompanying prospectus that forms a part of the registration statement, copies of which may be obtained, when available, by request from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com or Wells Fargo Securities, LLC, Attention: Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at 800-645-3751 (option #5) or email a request to WFScustomerservice@wellsfargo.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act.
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