straga/iStock via Getty Images
Southwest Gas (New York Stock Exchange: SWX) said on Wednesday that the planned spin-off of its Centuri subsidiary is on track in the fourth quarter of 2023 or the first quarter of 2024.
Southwest Gas (SWX) said it has received approval from the Arizona Corporation Commission to divest its financial interests in and a spin-off from Centuri, which meets the necessary government regulatory approvals to proceed with the plan to form a new, publicly traded, independent public utility infrastructure services company.
The subsidiary offering remains subject to SEC review, the receipt of a special ruling in favor of the Internal Revenue Service regarding the tax-free nature of the transaction, and final approval from the Southwest Gas (SWX) board of directors.
More on Southwest Gas:
- Financial and evaluation comparison with peers in the sector
- Share price return: Up 3.5% year-to-date, down 23.5% in the past 12 months