Southwest Gas Holdings, Inc. (SWX): M&A transaction — Southwest Gas closes $1.5B sale of MountainWest to Williams; proceeds repay $1.075B term loan

Southwest Gas Holdings, Inc.

Closed sale of MountainWest to Williams for $1.5B enterprise value; ~$1.080B cash received.
Net proceeds used to repay $1.075B of MountainWest acquisition term loan; $73M remains outstanding.
Sale simplifies corporate structure; returns Southwest Gas to core regulated utility business.
Company expects spin-off of Centuri in Q4 2023 or Q1 2024 to create two focused industry leaders.
Moelis & Company and Lazard advised Southwest Gas; Morrison & Foerster acted as legal counsel.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Southwest Gas Holdings, Inc. completed a disposition involving Williams Partners Operating LLC (a wholly owned subsidiary of The Williams Companies, Inc.) for $1.5 billion in total enterprise value, including approximately $1.080 billion in cash (closed 2023-02-14).

Action: disposition
Counterparty: Williams Partners Operating LLC (a wholly owned subsidiary of The Williams Companies, Inc.)
Consideration: $1.5 billion in total enterprise value, including approximately $1.080 billion in cash
Closing: 2023-02-14

Exact text from the filing

owned subsidiary of The Williams Companies, Inc. (collectively, the “Sale”). Pursuant to the terms of the Purchase Agreement, the total consideration received from the Sale was $1.5 billion in total enterprise value, including approximately $1.080 billion in cash. After the payment of transaction expenses, the net proceeds from the Sale will be used to repay $1.075

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Southwest Gas Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-039232

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