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Southwest Gas (NYSE:SWX) said Wednesday the planned spinoff of its Centuri subsidiary is on track for Q4 2023 or Q1 2024.
Southwest Gas (SWX) said it received approval from the Arizona Corporation Commission to divest its financial interest in and separate from Centuri, which satisfies any state regulatory approvals necessary to proceed with the plan to form a new independent publicly traded utility infrastructure services company.
The spinoff is still subject to SEC review, the receipt of a favorable Internal Revenue Service private letter ruling relating to the tax-free nature of the transaction, and final approval by the Southwest Gas (SWX) board.
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