Southwest Gas Holdings sells 17.25M Centuri shares for ~$356M, deconsolidates Centuri

Southwest Gas Holdings, Inc.

Sold 15M Centuri shares at $19.50 per share to underwriters; underwriters exercised option for additional 2.25M shares.
Concurrent private placement sold 1.5735M Centuri shares to Icahn-affiliated entities at same $19.50 price.
Net proceeds to Southwest Gas were ~$356M ($325M from offering + $31M private placement), earmarked for debt repayment and general corporate purposes.
After closing, Southwest Gas holds 30.9% of Centuri, losing controlling interest; Centuri financials will be deconsolidated and accounted for under equity method.
Centuri received none of the proceeds from either sale; all proceeds went to Southwest Gas.

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