INNOVATE to Sell DBM Global for $650M to IES Holdings

INNOVATE Corp. announced it has entered into a Transaction Agreement to sell DBM Global, Inc. to IES Holdings, Inc. for an aggregate base purchase consideration valued at $650 million. INNOVATE, which owns approximately 91.21% of DBM Global, will receive approximately $453 million in cash and $140 million in IES common stock. The company intends to use all net proceeds from the transaction to reduce its outstanding indebtedness, including repaying its revolving credit agreement and redeeming senior secured notes. The transaction is expected to close in the quarter ending December 31, 2026, subject to customary closing conditions. INNOVATE is also pursuing the disposition of HC2 Broadcasting Holdings Inc.