Centuri drops after increased stock offering by Southwest Gas priced

Icahn Enterprises LP

17/06/2025 13:21

**  Shares of utility infrastructure services firm Centuri Holdings CTRI.N down 6.2% premarket to $20.90 after overnight secondary offering priced

    ** Phoenix, Arizona
    -based Centuri late Mon announced 9.75 mln shares, up from 9.5 mln shares, offloaded by
    Southwest Gas Holdings SWX.N

    ** Offering priced at $20.75, a 6.8% discount to stock's last sale

    ** In addition, SWX to sell $22 mln worth of CTRI shares to investment entities affiliated with Carl Icahn in concurrent private placement

    ** Following the transactions, SWX cuts stake from ~66% to ~54%, or just shy of 48 mln shares, per the SEC prospectus

    ** CTRI has ~88.6 mln shares outstanding for $2 bln market cap

    ** JP Morgan and Wells Fargo are jt lead bookrunners for the secondary offering

    ** Last month, SWX reduced its stake in 9 mln share secondary offering priced at $17.50 and concurrent private placement with Icahn

    ** CTRI shares on Mon closed up 1.3% at $22.27, up 15% YTD

** CTRI was spun out of SWX and went public in Apr 2024 IPO priced at $21

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

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