04:45 PM EDT, 06/18/2025 (MT Newswires) -- Southwest Gas ( SWX ) said late Wednesday it closed its underwritten secondary public offering of Centuri ( CTRI ) common stock.

Southwest Gas ( SWX ) sold about 11.2 million shares of Centuri's ( CTRI ) common stock at $20.75 per share, including the underwriters' full exercise of an option to buy nearly 1.5 million shares to cover over-allotments, the company said.

Southwest Gas ( SWX ) said it has also entered into an agreement to sell to Icahn Partners and Icahn Partners Master Fund nearly 1.1 million Centuri ( CTRI ) shares in a simultaneous private placement at a price per share equal to the offering price.

The private placement is subject to the expiration of the waiting period linked to antitrust filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the company said.

Southwest Gas ( SWX ) received net proceeds of about $225 million from the offering, while net proceeds from the private placement are expected to be around $22 million, the company said.

Southwest Gas ( SWX ) plans to use the proceeds from the offering and private placement to repay debt, it said.

After completion of the offering, Southwest Gas ( SWX ) still owns about 53.3% of Centuri's ( CTRI ) common shares, the company said, adding that upon completion of the private placement, if it materializes, it will continue to own about 52.1% of Centuri's ( CTRI ) common stock.