Deal Details

Centuri Holdings, Inc. (“Centuri”) (NYSE: CTRI), a subsidiary of Southwest Gas Holdings, Inc. (“Southwest Gas”) (NYSE: SWX), recently completed an initial public offering of 14,260,000 shares of common stock, including 1,860,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $21.00 per share, generating gross proceeds of $299.5 million to Centuri.

In addition to the shares of Centuri’s common stock sold in the IPO, Centuri announced that Icahn Partners and Icahn Partners Master Fund LP, investment entities affiliated with Carl C. Icahn, purchased 2,591,929 shares of Centuri’s common stock in a concurrent private placement at a price per share equal to the IPO price, for gross proceeds of approximately $54.4 million.

The net proceeds to Centuri from the IPO and the concurrent private placement are approximately $329.3 million. Centuri intends to use the net proceeds from the IPO and the concurrent private placement to repay amounts under Centuri’s revolving credit facility and under Centuri’s term loan and the remainder for general corporate purposes.

Baird served as a co-manager on this offering.