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