{"id":992675,"date":"2026-08-10T08:16:52","date_gmt":"2026-08-10T12:16:52","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/innovate-agrees-to-650-million-sale-of-dbm-global-to-ies-holdings\/"},"modified":"2026-08-10T08:16:52","modified_gmt":"2026-08-10T12:16:52","slug":"innovate-agrees-to-650-million-sale-of-dbm-global-to-ies-holdings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/innovate-agrees-to-650-million-sale-of-dbm-global-to-ies-holdings\/","title":{"rendered":"INNOVATE Agrees to $650 Million Sale of DBM Global to IES Holdings"},"content":{"rendered":"
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NEW YORK, Aug. 10, 2026 (GLOBE NEWSWIRE) — INNOVATE CORP.\u00ae<\/sup> (NYSE: VATE) (\u201cINNOVATE\u201d) announced today that it has entered into a Transaction Agreement (the \u201cAgreement\u201d) pursuant to which IES Holdings, Inc. (Nasdaq: IESC) (\u201cIES\u201d) will acquire DBM Global, Inc. (\u201cDBMG\u201d) for cash and stock consideration valued at $650 million (the \u201cTransaction\u201d). INNOVATE, through DBM Global Intermediate Holdco Inc., currently owns approximately 91.21% of the outstanding common stock of DBMG.<\/p>\n

\u201cThis transaction represents a meaningful step in our ongoing efforts to strengthen INNOVATE\u2019s balance sheet and improve our capital structure,\u201d said Paul Voigt, Interim CEO of INNOVATE. \u201cDBMG has a proven track record of strong financial performance, and we are proud of the value created through our partnership over the years. We want to thank Rustin Roach and his world-class team for their years of dedicated service and the tremendous value they have built. We wish Rustin and the team continued success going forward. We intend to direct all net proceeds toward debt reduction, which we expect to significantly reduce leverage and improve our financial flexibility. INNOVATE\u2019s remaining businesses are well positioned in attractive end markets, and we remain focused on executing our strategy, enhancing shareholder value and building on this momentum.\u201d<\/p>\n

\n Transaction Overview<\/strong>\n <\/p>\n

Under the terms of the Agreement, IES will acquire 100% of the outstanding shares of DBMG common stock \u2014 including approximately 91.21% currently held by INNOVATE (through DBM Global Intermediate Holdco Inc.) and the remaining approximately 8.79% held by other DBMG stockholders \u2014 for aggregate base purchase price valued at $650 million, subject to customary adjustments at closing.<\/p>\n

Consideration payable to INNOVATE and DBM Global Intermediate Holdco Inc.\u00a0(together, \u201cSeller\u201d) will consist of Seller\u2019s approximately 91.21% pro rata share of the $650 million base purchase price, which is subject to customary adjustments for cash, working capital, indebtedness and transaction expenses of DBMG and certain additional adjustments as set forth in the Agreement, to be finalized following delivery of a post-closing statement and, if necessary, resolution of any disputes through an independent accounting firm. As a result, Seller will receive (subject to adjustment):<\/p>\n