INNOVATE closes DBMG sale to IES for ~$413M total cash and 430,974 IES shares; redeems $325M notes

INNOVATE Corp.

• INNOVATE closed the DBMG sale to IES on Oct. 5, 2026, receiving ~$378M cash plus 430,974 IES shares and a $35M tax-election payment, ~$413M total cash.
• DBMG's $68.7M credit agreement was repaid and terminated; INNOVATE used $20.7M of DBMG proceeds to repay its MSD revolving line of credit.
• INNOVATE redeemed $325.0M principal of its 10.50% 2027 senior secured notes on Oct. 15 for $332.0M total, including $7.0M accrued interest.
• The Broadcasting disposition closed Sept. 1, 2026, via the CONX merger; INNOVATE retained a 25% interest valued at $54.3M plus a $3.3M purchase option.
• The DBMG sale covered ~91.2% of DBMG shares; INNOVATE must apply remaining net proceeds to redeem its 2027 convertible notes.