Centuri solidifies Icahn ties with US$235m raise
Centuri Holdings solidified ties with large shareholder Carl Icahn last week by raising US$235m from an equity sale and private placement.
The energy and utility company raised US$160m through an overnight public stock sale following a targeted wall-cross. Icahn Partners is investing an additional US$75m through a concurrent private placement.
JP Morgan, Wells Fargo, Bank of America and Keybanc Capital Markets wall-crossed investors ahead of pricing a public offering of 7.4m shares overnight on Wednesday at US$21.50, the top of the US$21–$21.50 marketing range and a 2.8% discount to the US$22.12 last sale.
Icahn increased his stake to 14.5% from 12.2% through the private placement. That is below the 20% maximum threshold under a cooperation agreement entered into Monday that will give Icahn a seat on the Centuri board and a greater say over corporate governance.