Southwest Gas Holdings sells 27.3mln shares of Centuri Holdings at $19.6/share on 2023-09-05.

Centuri Holdings, Inc. [CTRI] has disclosed that its 10% owner, Southwest Gas Holdings, Inc., has conducted a transaction involving the sale of 27,362,210 shares at a price of $19.6 per share on September 5, 2025.

Southwest Gas Holdings, Inc. (SWX), a minority owner of Centuri Holdings, Inc. (CTRI), has announced the sale of 27,362,210 shares of Centuri's common stock. The transaction, priced at $19.60 per share, is set to close on September 5, 2025, subject to customary closing conditions [1][2][3].

Southwest Gas Holdings will no longer own any shares of Centuri's common stock upon the completion of the offering. The shares are being offered pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) by Centuri. A preliminary prospectus supplement describing the terms of the offering will be available on the SEC's website [1][3].

The sale of these shares is part of Southwest Gas Holdings' strategic plan to reduce its ownership in Centuri. Southwest Gas Holdings has been a significant minority owner of Centuri, providing utility infrastructure services across North America. This transaction aims to align with Southwest Gas Holdings' broader financial strategy and may indicate a shift in its investment focus [1][2].

Centuri Holdings, Inc. dropped 2.63% in premarket trading following the announcement, reflecting market reactions to the secondary public offering [2]. The company is not selling any shares in the offering and will not receive any proceeds from the sale of the shares being offered by Southwest Gas Holdings.

This transaction highlights the dynamic nature of the utility sector, where strategic partnerships and ownership structures can evolve over time to optimize financial performance and align with long-term business objectives [1][2][3].

References:
[1] https://www.prnewswire.com/news-releases/southwest-gas-holdings-announces-pricing-of-secondary-public-offering-of-centuri-holdings-inc-common-stock-302545884.html
[2] https://www.ainvest.com/news/centuri-holdings-shares-fall-2-63-premarket-southwest-gas-holdings-announced-secondary-offering-27-4-million-shares-2509/
[3] https://www.swgasholdings.com/news-releases/news-release-details/southwest-gas-holdings-announces-pricing-secondary-public-1