Southwest Gas Corp. board OKs holding company structure

Southwest Gas Corp. said its board of directors approved a previously announced holding company structure, which took effect Sunday.

In a statement, the utility, which serves more than 1.9 million customers Nevada, Arizona and California, said the holding company will be called Southwest Gas Holdings Inc. The company’s ticker symbol (SWX) and exchange (New York Stock Exchange) won’t change.

Southwest Gas Corp., Centuri Construction Group and their subsidiaries will become Southwest Gas Holdings subsidiaries, the statement said. Southwest Gas Corp.’s shareholders will become Southwest Gas Holdings shareholders, with the same number of shares and ownership percentage as before the reorganization.

The company said the reorganization aims to further separate Southwest’s regulated and unregulated businesses and offer financing flexibility. Centuri Construction Group offers trenching and installation, replacement and maintenance for energy distribution systems. It is nonregulated and operates in 20 U.S. markets and two Canadian markets.

The company said it expects no operational or financial effects from the changes.

Southwest Gas Holdings and Southwest Gas Corp. officials are meeting with equity analysts this week in New York . The Street.com rates Southwest Gas’ stock B and “buy.”

Southwest Gas shares fell 21 cents, or 0.27 percent, Tuesday to close at $76.41 on the New York Stock Exchange.

Contact Matthew Crowley a mcrowley@reviewjournal.com. Follow @copyjockey on Twitter.