Southwest Gas Sells Part of Contracting Unit Centuri in IPO.

Southwest Gas Holdings has sold 19% of its construction unit, Centuri Holdings Inc., in an initial public offering (IPO). This move comes two years after a dispute between Southwest Gas and activist investor Carl C. Icahn, who accused the board of not maximizing share value. The IPO resulted in the sale of 14.3 million shares at $21 per share, with Icahn's company acquiring 2.6 million shares. The proceeds from the sale will be used to pay down debt from a previous acquisition. Southwest Gas plans to eventually sell off the rest of Centuri Holdings to make it an independent company. [Extracted from the article]