IES Holdings (NASDAQ: IESC) agreed to acquire DBM Global from INNOVATE Corp. (NYSE: VATE) for approximately $650 million. The transaction includes $545 million in cash and $140 million in IES common stock. DBM Global generated approximately $1.3 billion in revenue for the twelve months ending March 31, 2026.
The acquisition establishes a new structural steel business line for IES. This move diversifies the company’s existing operations in communications, residential, infrastructure, and commercial segments. DBM Global operates a major U.S. platform for structural steel fabrication and erection services.
DBM Global currently employs approximately 3,400 people. The deal is expected to close in the fourth calendar quarter of 2026. Completion remains subject to regulatory approvals and other customary closing conditions.