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VATE completes the DBM Global sale for about $413 million in cash plus IES shares, with net proceeds earmarked to reduce debt and boost flexibility.

Transaction Establishes New Structural Line of Business, Adding One of the Largest Independent Structural Steel Fabrication and Erection Platforms in the U.S. Transaction Establishes New Structural Line of Business, Adding One of the Largest Independent Structural Steel Fabrication and Erection Platforms in the U.S.

NEW YORK, Oct. 05, 2026 (GLOBE NEWSWIRE) -- INNOVATE CORP.® (NYSE: VATE) (“INNOVATE”) announced today that it has completed the previously announced sale of DBM Global, Inc. (“DBMG”) to IES Holdings, Inc. (Nasdaq: IESC) (“IES”) pursuant to the Transaction Agreement (the “Agreement”) announced on August 10, 2026 (the “Transaction”).

Strong data center demand drives significant top-line growth. Valuation multiples are stretched and require continued growth in the data center infrastructure market.