India, Oct. 5 -- On Monday, INNOVATE Corp. (VATE) announced the completion of the previously announced sale of DBM Global, Inc. (DBMG) to IES Holdings, Inc. (IESC).
INNOVATE said the proceeds will be used mainly to reduce debt and strengthen its balance sheet, giving the company more financial flexibility. The company thanked DBM Global CEO Rustin Roach and his team for their contributions and said it will now focus on its remaining businesses and creating value for shareholders.
IES acquired 100% of DBM Global (DBMG), including the 91.21% stake previously owned by INNOVATE and the remaining 8.79% held by other shareholders. At closing, INNOVATE and DBM Global Intermediate Holdco received about $378 million in cash and 430,974 shares of I...