Icahn Enterprises to sell auto-service chain Pep Boys to Mavis for $700 million, WSJ reports
IEP•Icahn Enterprises to sell Pep Boys to Mavis for $700 million, report says
July 20 (Reuters) - Carl Icahn's Icahn Enterprises IEP.O has struck a deal to sell auto-service chain Pep Boys to Mavis Tire Express Services for $700 million in cash, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Icahn Enterprises could not be immediately reached for comment outside regular business hours.
The company acquired Pep Boys in 2016, taking the formerly New York-listed auto-service chain private in a $1 billion all-cash deal.
The deal is expected to be announced on Tuesday, according to the report.
It will provide private-equity-backed Mavis, one of the largest tire and auto services retailer in the United States, access to Pep Boys' network of nearly 800 locations across the U.S. and Puerto Rico.
Mavis, which has about 3,600 stores, plans to add 120 new stores in 2026, and over 160 a year from 2027 to 2030, according to a note from Fitch Ratings.
