IES Holdings, Inc. (NASDAQ:IESC) has agreed to acquire DBM Global Inc., a structural steel fabrication and industrial services company, from INNOVATE Corp. (NYSE:VATE) for approximately $650 million.
The acquisition deal includes both cash and shares of IES common stock.
Following the completion of the transaction, DBM Global will become a new Structural line of business under IES Holdings.
The transaction is anticipated to be finalized by the end of the fourth quarter of 2026.
"We’re excited to welcome DBM Global’s talented team to the IES family," said Matt Simmes, President and Chief Executive Officer of IES. "This acquisition meaningfully broadens our product and service offerings and brings together highly complementary capabilities and teams. We look forward to investing in DBM Global’s people, facilities and equipment to enhance its operating capabilities and support the continued growth of its businesses and product lines as part of IES."