Innovate completes sale of DBM Global to IES Holdings for about $413 million cash plus IES shares
VATE•Innovate completed the sale of its 91.21% stake in DBM Global to IES Holdings for about $413 million in cash and 430,974 IES shares valued at about $146 million. Innovate plans to use net proceeds to reduce outstanding debt.
1. Sale completed
IES Holdings completed its acquisition of 100% of DBM Global’s common stock from Innovate. Innovate received about $413 million in cash at closing, including a $35 million tax-election payment, plus 430,974 IES shares valued at about $146 million; the shares are subject to a 60-day lock-up.
2. Proceeds and debt
Innovate plans to use the net proceeds to reduce outstanding debt.
