---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-178542"
form_type: "8-K"
ticker: "SWX"
cik: "0001692115"
company_name: "Southwest Gas Holdings, Inc."
filed_at: "2025-08-12T23:59:59+00:00"
generated_at: "2026-05-17T14:40:46.258663+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-178542
- form_type: 8-K
- ticker: SWX
- cik: 0001692115
- company_name: Southwest Gas Holdings, Inc.
- filed_at: 2025-08-12T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1692115/000119312525178542/0001193125-25-178542-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1692115/000119312525178542/d43113d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-178542
- JSON: https://secwatch.observer/filing/0001193125-25-178542.json
- Plain text: https://secwatch.observer/filing/0001193125-25-178542.txt

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