HOUSTON, November 14, 2025 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, advised Centuri Holdings, Inc. (NYSE: CTRI) on its $160 million underwritten public offering of 7,441,860 shares of common stock with a price to the public of $21.50 per share. Centuri granted the underwriters a 30-day option to purchase up to an additional 1,116,279 shares of common stock at the public offering price.

In addition to the shares sold in the offering, Icahn Partners LP and Icahn Partners Master Fund LP, investment entities affiliated with Carl C. Icahn, purchased an aggregate of 3,488,372 shares of Centuri's common stock in a concurrent private placement at the public offering price per share, for gross proceeds of approximately $75 million. The private placement was made in reliance on an exemption from registration under the Securities Act of 1933.

The offering and concurrent private placement closed on November 14, 2025.

Centuri intends to use the net proceeds from the offering and concurrent private placement for general corporate purposes, including funding acquisitions and repaying borrowings under its current credit agreement.

J.P. Morgan, Wells Fargo Securities, BofA Securities, and KeyBanc Capital Markets acted as joint lead book-running managers for the offering. UBS Investment Bank, Baird, BTIG, CIBC Capital Markets, PNC Capital Markets LLC, and Siebert Williams Shank served as book-running managers.

Centuri Holdings, Inc. is a strategic utility infrastructure services company that partners with regulated utilities to build and maintain the energy network that powers millions of homes and businesses across the United States and Canada.

Baker Botts Lawyers/Offices Involved:

Corporate: Clint Rancher (Partner, Houston); Eileen Boyce (Partner, Houston); Marshall B. Heins II (Senior Associate, Houston); Treyton Zanutto (Associate, Houston); Amy Jiang (Associate, Austin)

Finance: Madeline McCune (Associate, Houston)

Tax:Jon Lobb (Partner, Houston); Andrew Maughan (Associate, Houston)

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