Southwest Gas Holdings has finalised the sale of Centuri Holdings' common stock, marking a strategic shift for the company.

The registered public offering involved 27,362,210 existing shares sold at $19.60 each, yielding net proceeds of around $525m after deducting underwriting discounts and commissions.

This move divests Southwest Gas Holdings' entire stake in Centuri.

Southwest Gas Holdings president and CEO Karen Haller said: "We have successfully completed our exit from Centuri, positioning Southwest Gas Holdings as a premier fully regulated natural gas company.”

This divestiture is seen as a step towards improving transparency and aligning the company with long-term value creation in the utility sector.

Southwest Gas Holdings has emerged from the offering with a financial standing, having repaid all holding company debt, encompassing a term loan, and with approximately $600m in cash reserves.

These funds are expected to support future capital investments at its primary operating subsidiary, Southwest Gas Corporation, potentially including the 2028 expansion of the Great Basin Gas Transmission Company.

Southwest Gas Corporation, an energy company, caters to customers across the US states of Nevada, Arizona and California. It focuses on sustainable energy solutions to drive development within its local areas.

In June, Southwest Gas Holdings conducted a secondary public offering of Centuri stock, selling 11.2 million shares at $20.75 each.

This previous offering had already contributed significantly to the company's financial resources.

J.P. Morgan served as the underwriter for the most recent offering.