Innovate completes sale of DBM Global stake to IES Holdings
IESC•Innovate completed the sale of its approximately 91.2% stake in DBM Global to IES Holdings on October 5, 2026, for about $413 million in cash and 430,974 IES shares. It used proceeds to redeem $325 million of 10.50% Senior Secured Notes due 2027, but cash proceeds alone were insufficient to repay debt coming due.
1. Sale and debt redemption
Innovate completed the sale on October 5, 2026, receiving approximately $413 million in cash, including a tax-election payment, and 430,974 IES shares. Proceeds funded the October 15 redemption of $325 million principal of 10.50% Senior Secured Notes due 2027; the cash proceeds alone were insufficient to repay debt coming due, while proceeds from selling the IES shares depend on market prices.
