Mergers & Acquisitions ·
INNOVATE completes sale of DBMG for $413M cash and stock, plans debt redemption
VATEINNOVATE Corp.
INNOVATE Corp. completed the sale of its subsidiary DBMG Global to IES Holdings on October 5, 2026. The company received approximately $413 million in total cash proceeds, including a $35 million tax election payment, and 430,974 shares of IES common stock valued at roughly $146 million. INNOVATE used $20.7 million to repay its revolving credit facility and intends to apply the remaining net proceeds to mandatorily redeem its $325 million in Senior Secured Notes due 2027 and its Convertible Notes due 2027. The company operates as a holding company investing in Life Sciences and Spectrum businesses.