Centuri falls as Southwest Gas to slice stake again

Icahn Enterprises LP

16/06/2025 21:39

**  Shares of utility infrastructure services firm Centuri Holdings CTRI.N down 4.6% in extended trading to $21.25 after secondary offering news

    ** Phoenix, Arizona
    -based Centuri commences 9.5 mln share offering by Southwest Gas Holdings SWX.N

    ** 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 would cut its stake from ~66% to ~54%, or ~48 mln shares, per the SEC prospectus

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

    ** JP Morgan and Wells Fargo leading the secondary offering

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

** 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))