Innovate Corp (VATE) News & EventsVATEInnovate Corp

Innovate Trading Halted, Volatility Trading Pause

Innovate trading halted, volatility trading pause

INNOVATE Corp. Files $100M Mixed Securities Shelf

INNOVATE Corp. files $100M mixed securities shelf

IES Holdings to Acquire DBM Global for $650M

IES Holdings (IESC) announced that it has entered into a definitive agreement to acquire DBM Global from INNOVATE (VATE). The consideration for DBM Global, including minority interests, is approximately $650M, comprised of cash and shares of IES common stock. IES expects to fund the cash portion of the consideration through a combination of cash on hand and borrowings under an expanded credit facility being arranged by Wells Fargo. DBM Global generated revenue of approximately $1.3B for the twelve months ended March 31. Pursuant to the definitive agreement, IES will first acquire INNOVATE's approximately 91.2% interest in DBM Global. Immediately following that closing, IES will acquire the remaining minority interests in DBM Global via a short form merger. Total consideration payable is approximately $685M, comprised of approximately $545M in cash and approximately $140M in shares of IES common stock, with the cash consideration including a $35M payment to INNOVATE in respect of the estimated cost to INNOVATE to participate in a joint election under Section 338 of the Internal Revenue Code.