IES Holdings to acquire DBM Global for ~$650M, adding structural steel platform

IES Holdings, Inc.

Deal value ~$650M base; total ~$685M incl. $35M 338(h)(10) tax payment. Consideration: ~$545M cash + 215,487 IES shares (~$140M).
DBM Global revenue ~$1.3B (12 mo to Mar 31, 2026), ~3,400 employees, brands: Schuff Steel, Banker Steel, GrayWolf, DBM Vircon, Aitken.
IES acquires INNOVATE's ~91.2% stake, then short-form merger for minority; expected close in quarter ending Dec 31, 2026, subject to HSR approval.
Will operate as new Structural segment; funded via cash on hand and expanded Wells Fargo credit facility; no financing condition.
Stock consideration locked up for 60 days; no termination fee; IES expects rapid debt repayment from cash flow.

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