05:38 PM EDT, 05/20/2025 (MT Newswires) -- Southwest Gas ( SWX ) started an underwritten secondary public offering of 9 million shares of Centuri Holdings ( CTRI ) .

Underwriters are expected to get a 30-day option to purchase up to 1.35 million additional Centuri ( CTRI ) shares, Southwest Gas ( SWX ) said Tuesday in a statement.

Southwest Gas ( SWX ) also said it will sell $50 million of Centuri ( CTRI ) shares to Icahn Partners and Icahn Partners Master Fund, investment entities affiliated with Carl Icahn, in a concurrent private placement at the secondary offering price.

The private placement will likely close immediately after the closing of the secondary offering. Centuri ( CTRI ) is a former subsidiary of Southwest Gas ( SWX ).

Centuri ( CTRI ) shares slumped 9.4% in after-hours trading, and Southwest Gas ( SWX ) fell 1.9%.