Centuri Holdings Announces $160M Common Stock Offering

Centuri Holdings, Inc. (NYSE: CTRI) ("Centuri" or the "Company") today announced the commencement of an underwritten public offering of $160,000,000 of shares of Centuri's common stock (the "Offering"). Centuri also expects to grant the underwriters a 30-day option to purchase up to an additional $24,000,000 of shares of Centuri's common stock.

In addition to the shares of Centuri's common stock sold in the Offering, Centuri announced that Icahn Partners LP and Icahn Partners Master Fund LP, investment entities affiliated with Carl C. Icahn (collectively, the "Icahn Investors"), will purchase approximately $75,000,000 of shares of Centuri's common stock, in a concurrent private placement at a price per share equal to the Offering price per share (the "Private Placement"). The offer and sale of Centuri's common stock to the Icahn Investors pursuant to the Private Placement will be made in reliance upon the exemption from registration under the Securities Act of 1933, as amended (the "Securities Act"). The Private Placement is expected to close immediately following the closing of the Offering and is subject to the satisfaction or waiver of customary closing conditions, including the completion of the Offering. The closing of the Offering is not conditioned upon the closing of the Private Placement.