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Southwest Gas (NYSE:SWX) disclosed plans Friday to move forward with an IPO for its infrastructure services business, two years after first announcing its intention for the spinoff following a challenge by activist investor Carl Icahn.
Centuri Holdings, which builds and maintains energy networks that power millions of homes and businesses across the U.S. and Canada, plans to list on the NYSE under the CTRI symbol.
Southwest Gas (SWX) said in 2022 that it would spin off the unit to focus on its regulated natural gas business, after reaching a settlement with Icahn.
The timing, number of shares to be offered and the price range for the proposed offering have not yet been determined.
Icahn Enterprises (IEP) owns ~15% of Southwest Gas (SWX), according to Bloomberg data.