Southwest Gas Holdings Announces That Centuri Has Confidentially Submitted Draft Registration Statement for Proposed Initial Public Offering

Rhea-AI Summary

Southwest Gas Holdings, Inc. announces confidential submission of draft registration statement for Centuri Group's IPO.

Positive

• Southwest Gas Holdings, Inc. plans to spin-off its subsidiary Centuri Group, Inc. and conduct an initial public offering (IPO) of Centuri common stock.
• No specific details regarding the number of shares or price range for the IPO have been determined yet.

Negative

• None.

LAS VEGAS, Sept. 22, 2023 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) today announced that, in connection with the previously announced planned separation and spin-off of its wholly owned subsidiary, Centuri Group, Inc., its utility infrastructure services business, Centuri Holdings, Inc. ("Centuri") has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the "SEC") for Centuri's proposed initial public offering of newly issued Centuri common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is subject to market and other conditions and the completion of the SEC's review process.

This press release is being made pursuant to, and in accordance with, Rule 135 under the Securities Act of 1933, as amended (the "Securities Act"), and shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act and other applicable securities laws.

About Southwest Gas Holdings, Inc.

Southwest Gas Holdings, Inc., through its subsidiaries, engages in the business of purchasing, distributing and transporting natural gas, and providing comprehensive utility infrastructure services across North America. Southwest Gas Corporation is a dynamic energy company committed to exceeding the expectations of over 2 million customers throughout Arizona, Nevada and California by providing safe and reliable service while innovating sustainable energy solutions to fuel the growth in its communities. Centuri Group, Inc. is a strategic infrastructure services company that partners with regulated utilities to build and maintain the energy network that powers millions of homes and businesses across the United States and Canada.

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SOURCE Southwest Gas Holdings, Inc.