Centuri Holdings, a carve-out of Southwest Gas providing infrastructure services to utilities, raised $260 million by offering 12.4 million shares at $21, the high end of the range of $18 to $21. The company raised an additional $54 million from a concurrent private placement to Icahn Partners and affiliates.
The Phoenix, AZ-based company is a pure-play provider of North American utility infrastructure services, serving as a long-term strategic partner to electric, gas, and combination utility providers. Its service offerings primarily consist of the modernization of utility infrastructure through the maintenance, retrofitting, and installation of electric and natural gas distribution networks. It also serves complementary end markets such as renewable energy and 5G datacom.
Centuri is being carved out of natural gas utility Southwest Gas Holdings (NYSE: SWX).
Centuri Holdings plans to list on the NYSE under the symbol CTRI. UBS Investment Bank, BofA Securities, J.P. Morgan, and Wells Fargo Securities acted as joint bookrunners on the deal.
