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Southwest Gas HOLDINGS Southwest Gas Holdings Subsidiary Centuri Group to Acquire Riggs Distler , Strengthening Centuri's Position as a Leading North American Utility Infrastructure Services Company June 29 , 2021 Transformational Transaction Will Expand Centuri's Offerings with Unionized Electric Services Platform and Geographic Reach into Northeast and Mid - Atlantic Delivers Greater Scale , Increased Profit Margins , and Growth Opportunities across the Established Blue - chip Customer Base and Footprint Expected to be Accretive to Southwest Gas Holdings ' Earnings in the First Full Year of Ownership All - Cash Purchase Expected to be Fully Funded by New Centuri Debt LAS VEGAS , June 29 , 2021 / PRNewswire / -- Southwest Gas Holdings , Inc. ( NYSE : SWX ) announced today that its wholly - owned subsidiary , Centuri Group , Inc. ( " Centuri " ) , has entered into a definitive agreement under which Centuri will acquire Riggs Distler & Company , Inc. and its affiliates ( " Riggs Distler " ) . Founded in 1909 , and based in Cherry Hill , New Jersey , Riggs Distler has extensive relationships and long - term Master Service Agreements ( MSA ) with nearly all of the major investor - owned electric utilities in the Northeast and Mid - Atlantic regions and provides unionized installation and repair services to its utility customers . " This is an exciting and transformational acquisition for Centuri that will grow and diversify its utility services platform , while opening up exciting new opportunities in electric utility services , renewable energy , and 5G telecom , " said John P. Hester , President and Chief Executive Officer of Southwest Gas Holdings . " Consistent with our excellent track record from prior acquisitions , we are confident this transaction will deliver significant growth opportunities for Centuri and long - term value for Southwest Gas Holdings shareholders by building upon our fundamental business strategies of operational excellence , strategic growth , and financial stewardship across both segments of our business . In addition , the Riggs Distler acquisition will further enhance the powerful synergy of knowledge gained and shared through front - line experience in diverse geographic markets across our utility and infrastructure platforms . " Under the terms of the transaction , Centuri will acquire a 100 % ownership interest in Riggs Distler for $ 855 million in cash subject to customary adjustments , including working capital . The all - cash purchase is expected to be fully funded by new Centuri debt . The transaction , which is expected to be accretive to SWX earnings in the first full year following its completion , will broaden Centuri's electric services platform to include 5G telecom and renewables services , where Riggs Distler helps utility customers design , build and integrate essential decarbonization solutions including deployment of smart meters , electric vehicle charging stations , battery storage and microgrids . The acquisition will expand Centuri's operating footprint into new markets in the Northeast and Mid - Atlantic region and allow it to serve additional customers with an increased array of complementary capabilities and partner with those customers on their long - term programmatic infrastructure spending plans . The transaction also will enhance Centuri's utility service offerings for existing customers , further positioning the combined companies for future growth . Paul M. Daily , President and Chief Executive Officer of Centuri , said , " Our targeted acquisition strategy has prioritized expanding our unionized electric utility services , geographic reach and customer base , and this transaction meets all of our criteria . Riggs Distler is an exceptional company with a strong , seasoned leadership team and substantial growth trajectory . This is an excellent opportunity to expand our services , and importantly , to add a unionized electric utility services platform to our current utility infrastructure portfolio , materially advancing our goal to provide 360 degrees of service to our utility infrastructure customers . We believe there are substantial growth opportunities for the combined organizations , and we are committed to providing the resources and operational support to ensure a highly successful partnership . " Stephen Zemaitatis Jr. , President and Chief Executive Officer of Riggs Distler , said , " We are proud to join Centuri , a company that shares our century old core values of commitment to safety , operational excellence , and delivering high quality , competitive , and essential services to customers . United , we will benefit from greater financial strength , growth and diversification . We look forward to creating long - term value for all stakeholders , including world - class service for our customers and solid opportunities for our employees . " The transaction is expected to close in the third quarter of 2021 , subject to Hart Scott Rodino clearance and other customary closing conditions . Following the close of the transaction , Riggs Distler will operate as a standalone subsidiary of Centuri within its Power Group and will continue to be led by Mr. Zemaitatis and its current senior leadership team . Southwest Gas Holdings will host a conference call with analysts today at 8:30 a.m. EDT / 5:30 a.m. PDT . To listen to the conference call via the Internet , please visit the investor relations section of Southwest Gas Holdings ' website . To listen to the conference call via telephone , please call ( 877 ) 419-3678 ( domestic ) or ( 614 ) 610-1910 ( international ) , Conference ID : 2489927. A replay of the call will be available from 12:00 p.m EDT on June 29 , 2021 through 12:00 p.m. EDT on July 9 , 2021. To listen to the replay of the conference call via telephone , please call ( 855 ) 859-2056 ( domestic ) or ( 404 ) 537-3406 ( international ) , Conference ID : 2489927 . UBS Investment Bank served as the exclusive financial advisor to Centuri , while the firm of Foley & Lardner , LLP served as legal advisors to Centuri on the transaction . Morrison & Foerster LLP served as legal advisor to Southwest Gas Holdings . Harris Williams & Co. served as financial advisor to Riggs Distler and Kirkland & Ellis LLP as legal counsel . About Southwest Gas Holdings , Inc.