DivestmentJul 21, 2026, 08:31 AM
Icahn Enterprises Sells Pep Boys to Mavis for $700M
AI Summary
Icahn Enterprises L.P. announced that its subsidiary, Icahn Automotive Group LLC, has entered into a definitive agreement to sell The Pep Boys-Manny, Moe & Jack Holding Corp. to Mavis Tire Supply, LLC for a base purchase price of $700.0 million in cash. IEP will retain certain owned real estate and its AAMCO Transmissions and Precision Tune Auto Care businesses. This divestment allows IEP to streamline its automotive portfolio while Mavis expands its presence, particularly in the Western U.S., growing its network to over 4,400 service centers.
Key Highlights
- Icahn Enterprises L.P. (IEP) subsidiary, Icahn Automotive, to sell Pep Boys to Mavis Tire Supply, LLC.
- The base purchase price for Pep Boys is $700.0 million in cash.
- IEP will retain owned real estate previously transferred from Pep Boys.
- IEP will also retain the AAMCO Transmissions and Precision Tune Auto Care businesses.
- Pep Boys operates automotive maintenance and repair shops, distribution centers, and related real estate.
- The transaction is expected to close in the coming months, subject to customary closing conditions.
- Mavis's network will expand to over 4,400 service center locations across the U.S. and Canada.
Price Impact
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