Southwest Gas Holdings (SWX)
Icahn Capital owns 11,022,604 shares of the energy-infrastructure holding company, equal to 15.4% of the outstanding stock. On Nov. 21, Southwest Gas and Icahn Capital entered into an amended cooperation agreement that now gives Icahn four board seats at the energy company.
The agreement also calls for Southwest Gas to nominate the four at the company’s 2024 annual shareholders meeting. Customary standstill provisions will be in effect for Icahn to at least the completion of the 2024 shareholder meeting.
Southwest continues to pursue the separation of Centuri, its infrastructure business, and filed a shelf registration statement earlier this month. On Nov. 27, President and CEO of Centuri Group Paul Daily notified Southwest Gas that he plans to retire in 2024 once a successor is named.
SP Plus (SP)
Magnetar Capital disclosed a fresh stake of 1,002,228 shares in the transportation-services company. That entire sum was purchased by Magnetar from Oct. 5 through Nov. 7 as SP Plus stock traded at prices ranging from $49.62 to $52.33, giving Magnetar a 5.1% SP Plus stake.
Magnetar is making an arbitrage play as SP Plus announced on Oct. 5 that it agreed to be acquired by Metropolis Technologies for $1.5 billion in cash, or $54 per share.
Metropolis Parking-Lot Technology
Metropolis is a leading provider of innovative parking-lot technology that revolutionizes the customer experience. With Metropolis, customers can conveniently drive in and out of parking lots without the hassle of checking out. This groundbreaking technology is set to make waves in the industry, with the deal expected to be finalized by 2024. The boards of both companies have already given their approval, signaling a bright future ahead.
Decreases in Holdings
Abdiel Capital, a prominent investment firm, has recently reduced its stake in Cricut, the renowned company specializing in creative products and services. The firm now holds 12,586,303 shares in Cricut, after selling one million shares on November 21st at $6.97 per share. Although no reason has been provided for the sale, Abdiel now owns a 5.7% stake in Cricut, considering both the publicly traded class A shares and supervoting class B shares. It is worth noting that Cricut's class A shares have experienced a 25% decline in value this year.
In another notable development, Old Ocean Reserves has decreased its investment in Archrock, a prominent natural-gas midstream company. Old Ocean now holds 7,368,798 shares in Archrock after selling 1,103,658 shares between November 10th and November 27th, at prices ranging from $13.80 to $14.75 per share. Additionally, Old Ocean conducted a block trade sale of two million Archrock shares on November 27th at a price of $14 per share.
Following these transactions, Old Ocean now possesses 4.7% of Archrock's outstanding stock. It is important to mention that Hildebrand Enterprises serves as the general partner for Old Ocean, which is a limited partnership. Old Ocean's sale of Archrock stock indicates that it is no longer a 5% holder, removing the requirement for further disclosures.