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Pep Boys to be acquired for $700 million in cash

The Pep Boys-Manny, Moe & Jack Holding Corp. is being acquired by the largest tire dealership in the U.S. 

Mavis Tire Express Services Corp. has entered into an agreement to acquire the automotive services company from Carl Icahn’s Icahn Enterprises for approximately $700 million in cash. Icahn Enterprises, which bought Pep Boys in 2016, will retain the owned real estate previously transferred to it from Pep Boys, as well as the AAMCO Transmissions and Precision Tune Auto Care businesses.

Pep Boys operates nearly 800 locations across the U.S. and Puerto Rico. The acquisition expands Mavis’s presence in new and existing markets, particularly across the Western United States, where Pep Boys has a significant retail footprint. It grows Mavis’s network to more than 4,400 auto service center locations across the United States and Canada.

Pep Boys to be acquired for $700 million in cash | Chain Store Age

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