---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-305397"
form_type: "8-K"
ticker: "SWX"
cik: "0001692115"
company_name: "Southwest Gas Holdings, Inc."
filed_at: "2022-12-15T23:59:59+00:00"
generated_at: "2026-06-21T04:12:41.717214+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Southwest Gas to sell MountainWest Pipelines to Williams for $1.5B, spin off Centuri

## Summary
- Sale of MountainWest to Williams (WMB) for $1.5B enterprise value in cash; net proceeds to repay ~$1.1B term loan.
- Estimated pre-tax loss on sale of $350–$425M; transaction expected to close in 2023 subject to regulatory approvals.
- Board decides to spin off Centuri into independent public company within ~12 months, tax-free to SWX and stockholders.
- Williams must pay $50M termination fee if unable to obtain antitrust clearance; no financing condition for buyer.
- Spin-off subject to IRS ruling, Arizona Corporation Commission approval, and SEC registration statement effectiveness.

## SEC filing metadata
- accession: 0001193125-22-305397
- form_type: 8-K
- ticker: SWX
- cik: 0001692115
- company_name: Southwest Gas Holdings, Inc.
- filed_at: 2022-12-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1692115/000119312522305397/0001193125-22-305397-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1692115/000119312522305397/d411795d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-305397
- JSON: https://secwatch.observer/filing/0001193125-22-305397.json
- Plain text: https://secwatch.observer/filing/0001193125-22-305397.txt

## Key facts
- Material Agreements
  Southwest Gas Holdings, Inc. entered into Purchase and Sale Agreement with Williams Partners Operating LLC valued at $1.5 billion in total enterprise value (effective 2022-12-14).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Williams Partners Operating LLC
  - Value: $1.5 billion in total enterprise value
  - Effective: 2022-12-14
  source text: On December 14, 2022, Southwest Gas Holdings, Inc. (the “Company”), MountainWest Pipelines Holding Company, a wholly owned subsidiary of the Company (“MountainWest”), and Williams Partners Operating LLC, a wholly owned subsidiary of The Williams Companies, Inc. (the “Purchaser”), entered into a Purchase and Sale Agreement (the “Purchase Agreement”) pursuant to which the Company will sell all of the equity interests in MountainWest to the Purchaser (the “Sale”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1692115/000119312522305397/0001193125-22-305397-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.