Southwest Gas Infrastructure Services Arm Centuri Files for IPO
(Bloomberg) -- Power company Southwest Gas Holdings Inc. is moving forward with the carve-out of its infrastructure services business about two years after announcing the split, following a spat with billionaire activist investor Carl Icahn.
Centuri Holdings Inc. plans to go public on the New York Stock Exchange, according to a filing Friday with the US Securities and Exchange Commission. The Phoenix-based business provides services to natural gas distribution and electricity utilities.
Southwest Gas said in 2022 that it would spin off the unit to better focus on its regulated natural gas business, after reaching a settlement with Icahn, who had objected to an acquisition it had made. Icahn Enterprises LP owns about 15% of Southwest Gas, data compiled by Bloomberg show.
Centuri is advised by UBS Group AG, Bank of America Corp. and JPMorgan Chase & Co. on the planned listing. It intends to trade under the symbol CTRI.
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