Icahn Enterprises agrees to sell Pep Boys to Mavis for $700 million cash
IEP•Icahn Enterprises to sell Pep Boys in $700 million cash deal
Mavis Tire agreed to buy Pep Boys from Icahn Enterprises for about $700 million in cash, subject to customary price adjustments.
Icahn Enterprises will retain Pep Boys’ owned real estate previously transferred to Icahn, along with the AAMCO and Precision Tune businesses.
Pep Boys operates nearly 800 automotive service locations nationwide.
Mavis expects the deal to lift its network to more than 4,400 service centers across the U.S. and Canada, strengthening its Western U.S. footprint.
The transaction is expected to close in the coming months.
