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Investing.com -- Centuri Holdings Inc (NYSE:CTRI) stock fell 6.7% after parent company Southwest Gas Holdings Inc (NYSE:SWX) priced a secondary public offering of 15 million existing Centuri shares at $19.50 per share.
The offering, which is expected to close on August 11, 2025, also includes an option for underwriters to purchase up to an additional 2.25 million shares within 30 days. Southwest Gas Holdings is acting as the selling stockholder in the transaction.
In a parallel move, Southwest Gas also announced that investment entities affiliated with Carl C. Icahn will purchase 1,573,500 Centuri shares in a private placement at the same price as the public offering. This private transaction is expected to close immediately following the public offering.
The private placement shares will not be registered under the Securities Act of 1933, and the public offering is not contingent on the completion of the private placement.
J.P. Morgan, Wells Fargo (NYSE:WFC) Securities, BofA Securities, and Moelis (NYSE:MC) & Company are serving as joint lead book-running managers for the offering.
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