Four Decades for Justice
On March 1, 2022, Southwest Gas Holdings, Inc. (“Southwest Gas”) announced that its Board of Directors has unanimously decided to separate its wholly‑owned subsidiary, Centuri Group, Inc. (“Centuri”), from Southwest Gas. The separation is expected to occur within the next 9 to 12 months. As a standalone, independent company, Centuri, an unregulated utility services platform diversified across the U.S. and Canada, will be an industry leader at the forefront of infrastructure modernization. The separation will transform Southwest Gas into a fully regulated natural gas business. Cravath is representing Southwest Gas in connection with the decision to separate Centuri.
The Cravath team is led by partners Faiza J. Saeed, George F. Schoen and Daniel J. Cerqueira and includes associate Cole DuMond on M&A matters. Chaya Kupperman also worked on M&A matters.
Deals & Cases
May 07, 2022
On May 6, 2022, Southwest Gas Holdings, Inc. (“Southwest Gas”) announced that it has entered into a settlement agreement with Carl Icahn and his affiliated entities. Pursuant to the agreement, at least three, and up to four, new directors will join the Southwest Gas Board of Directors. Following the 2022 Annual Meeting of Stockholders, the Board will continue the previously announced review of a full range of strategic alternatives to maximize stockholder value. Under the terms of the agreement, Mr. Icahn will withdraw his slate of director nominees with respect to the Annual Meeting and vote in favor of the Company’s nominees. Cravath is representing Southwest Gas in connection with the agreement.
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