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Southwest Gas to reorganize under holding company in new year

Southwest Gas Corp.'s board of directors approved a reorganization establishing a holding company called Southwest Gas Holdings Inc., effective Jan. 1, 2017.

The restructuring was carried out to delineate Southwest Gas' regulated and unregulated businesses and is expected to result in increased financial flexibility, according to a Dec. 28 news release. Under the new structure, Southwest Gas, Centuri Construction Group and their subsidiaries will become Southwest Gas Holdings subsidiaries.

Southwest Gas shareholders will become shareholders of Southwest Gas Holdings, retaining their held number of shares and ownership percentage before the reorganization. The holding company will be traded on the NYSE under Southwest Gas' ticker symbol, SWX.

Southwest Gas serves more than 1.9 million customers in Arizona, California and Nevada. Centuri Construction Group is a nonregulated entity that provides utilities with installation, replacement and maintenance services for energy distribution systems.