IES Holdings, Inc. entered into a definitive agreement on August 7, 2026, to acquire approximately 91.2% of DBM Global, Inc., from Innovate Corp., for a total consideration of approximately $685 million. The transaction involves paying roughly $545 million in cash and issuing approximately $140 million worth of IES common stock (about 215,487 shares) to the seller. DBM Global is a vertically integrated structural steel fabrication and erection platform with approximately $1.3 billion in trailing revenue and 3,400 employees. The acquisition will establish a new Structural line of business for IES, diversifying its operations beyond electrical and technology systems. Closing is expected by December 31, 2026, subject to regulatory approvals including Hart-Scott-Rodino clearance.

IES Holdings reported fiscal 2026 third-quarter revenue of $1,243 million, a 40% increase year-over-year, alongside net income attributable to IES of $153.0 million and diluted EPS of $7.57. The company also announced a two-for-one forward stock split effective August 21, 2026, with a record date of August 14, 2026. This action aims to improve liquidity following strong operational performance driven by data center demand in the Communications and Infrastructure Solutions segments. IES Holdings designs and installs integrated electrical and technology systems and provides infrastructure solutions.