Innovate agrees to sell DBM Global to IES Holdings for USD 650 million
VATE•Proceeds and closing timing
Innovate plans to use net proceeds to reduce debt.
Closing is expected in the quarter ending Dec. 31, 2026, subject to customary conditions including regulatory approvals.
Innovate to sell DBM Global to IES Holdings
Innovate agrees to sell DBM Global to IES Holdings for consideration valued at USD 650 million, paid in cash and IES stock.
Innovate, which owns about 91.21% of DBM Global, expects about USD 453 million in cash and 215,487 IES shares valued at USD 140 million.
IES will also pay USD 35 million in cash at closing tied to a joint Section 338 tax election.
