Southwest Gas sells Centuri shares for about $325 million, deconsolidates Centuri
Southwest Gas Holdings sold 17,250,000 shares of its Centuri Holdings stake in an underwritten offering that closed August 11, 2025, receiving net proceeds of about $325 million, plus about $31 million from a concurrent private placement to Icahn-affiliated investors. After the sale, the company owns about 30.9% of Centuri and no longer has a controlling financial interest, so it will deconsolidate Centuri and report Centuri's results as discontinued operations.
Key points
- Offering: 17,250,000 Centuri shares sold at $19.50 per share, including full exercise of the underwriters' 2,250,000-share option
- Net proceeds of about $325 million from the offering and about $31 million from the Icahn private placement, to be used to repay debt and for general corporate purposes
- Remaining stake: 27,362,210 Centuri shares, about 30.9% of outstanding shares, accounted for under the equity method after deconsolidation effective August 11, 2025
- Pro forma financial information on the deconsolidation will be filed later by amendment
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 12, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.