Southwest Gas Holdings Centuri Spinoff Notes

July 9, 2023 Update

Some updates on the spin-off:

March 8, 2023 Update

On March 2, 2022, Southwest Gas Holdings announced it intends to spin off its pipeline business.
“Centuri’s 2021 pro forma revenue totaled approximately $2.5 billion, supported by continued organic growth, strategic acquisitions and meaningful exposure to clear infrastructure trends. Centuri revenues in 2022 are expected to be $2.65 billion to $2.80 billion and it is targeting normalized EBITDA margin of 11% to 12%, excluding non-recurring separation costs. Centuri is expected to continue pursuing exciting new electric and gas infrastructure opportunities, focusing on operational excellence, cross-selling its growing service offerings to its combination utility customers, and increasing profitability and growth.”