Mergers & Acquisitions ·
INNOVATE Corp. completed the sale of a controlling interest in its Broadcasting segment, HC2 Broadcasting Holdings…
VATEINNOVATE Corp.
INNOVATE Corp. completed the sale of a controlling interest in its Broadcasting segment, HC2 Broadcasting Holdings Inc., to CONX Corp. on September 1, 2026. CONX acquired a 75% ownership stake in HC2, while INNOVATE retained a 25% interest subject to post-closing adjustments. The transaction involved the extinguishment of a $105 million bridge loan facility and included an equity commitment by CONX of up to $75 million, with approximately $3.7 million funded at closing. INNOVATE retains an option to purchase up to 15% additional equity in HC2 over 18 months, while a CONX affiliate holds an option to acquire up to 80.1% of HC2 within two years. Concurrently, the Company entered into a Tenth Amendment to its Credit Agreement with MSD PCOF Partners IX, LLC on August 28, 2026, extending the maturity date to December 31, 2026. INNOVATE Corp. operates in the new economy sector, focusing on infrastructure, life sciences, and spectrum assets.