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GlobeNewswire·

INNOVATE Agrees to $650 Million Sale of DBM Global to IES Holdings

VATEIESC
  • IES Holdings will acquire DBM Global for $650 million in cash & stock consideration.
  • INNOVATE currently owns 91.21% of DBMG through DBM Global Intermediate Holdco Inc.
  • INNOVATE will receive approximately $453 million in cash & 215,487 shares of IES stock.
  • The remaining 8.79% of DBMG shares held by other stockholders will be purchased entirely in cash.
  • INNOVATE intends to use all net proceeds from the transaction to reduce outstanding debt.
  • IES will pay an additional $35 million in cash at closing to cover joint tax election costs.
  • The transaction requires regulatory approvals & is expected to close by December 31, 2026.
  • INNOVATE will file a Form 8-K & an information statement on Schedule 14C for shareholders.
  • Cleary Gottlieb Steen & Hamilton LLP serves as legal advisor, while Jefferies acts as financial advisor.
  • INNOVATE operates in Infrastructure, Life Sciences, & Spectrum sectors with approximately 3,700 employees.