Centuri down after announcing stock offering, private placement to Icahn

Icahn Enterprises LP

12/11/2025 22:03

** Shares of utility infrastructure services firm Centuri Holdings CTRI.N down 1% at $21.50 after hours as it looks to raise equity

    ** Phoenix, Arizona-based CTRI commences $160 mln stock offering, and says e

      ntities affiliated with billionaire investor Carl Icahn to buy approx $75 mln of shares in concurrent private placement

      ** CTRI intends to use net proceeds from the transactions for general corporate purposes, including funding acquisitions and repaying debt

      ** JP Morgan, Wells Fargo, BofA and KeyBanc are joint lead bookrunners for stock offering

      ** With ~88.6 mln shares outstanding, CTRI has about $2 bln market cap

      ** CTRI shares on Weds edged up 0.3% to close at $22.12, up roughly 15% YTD

** In Sept, Southwest Gas Holdings SWX.N divested its remaining stake in secondary offering priced at $19.60

** Of 7 analysts covering CTRI, 3 rate "strong buy" or "buy", 2 rate "hold" and 2 recommend "sell"; median PT is $23.50, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))