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Icahn Enterprises Agrees to Sell Pep Boys Auto-Service Chain to Mavis for $700 Million
Just the facts
The transaction is valued at approximately $700 million and will shift ownership of Pep Boys' extensive network of auto service centers. Pep Boys, acquired by Icahn Enterprises in 2016, had previously separated its retail auto parts business from its service business. Mavis plans to integrate the acquired service locations to expand its presence across the United States. The divestiture represents a strategic alignment for Icahn Enterprises as it streamlines its portfolio. The completion of the sale is subject to standard regulatory reviews and customary closing conditions.
Why this is news
Billionaire investor Carl Icahn's conglomerate has reached a definitive agreement to sell the Pep Boys automotive service chain to Mavis Tire Express Service.
Sources
This summary is compiled strictly from the original reporting below.