Centuri falls as Southwest Gas exits in $536 mln secondary offering

Icahn Enterprises LP

04/09/2025 11:51

** Shares of utility infrastructure services firm Centuri Holdings CTRI.N down 2.2% at $20.09 before the bell after secondary offering priced

    ** Southwest Gas Holdings SWX.N late Weds announced selling ~27.4 mln shares of Centuri at $19.60, which equates to about $536.3 mln deal size

        ** Offering price represents 4.6% discount to last sale of CTRI shares

        ** Upon offering completion, SWX no longer owns any CTRI shares

    ** Phoenix, Arizona-based CTRI has 88.65 mln shares outstanding for $1.8 bln market cap

    ** JP Morgan acting as sole bookrunner for the offering

    ** Through Weds close, CRTI shares up ~6% YTD

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

** Of 7 analysts covering CTRI, 3 rate "strong buy" or "buy", 2 rate "hold" and 2 recommend "sell" and median PT is $25, LSEG data shows

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

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