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Icahn Enterprises completes acquisition of Pep Boys

Thursday, February 4, 2016 - 09:00
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Icahn Enterprises L.P. today announced that it has closed its acquisition of The Pep Boys — Manny, Moe & Jack in an all-cash transaction for $18.50 per share, or approximately $1.03 billion in aggregate equity value. As a result of the completion of the merger, the common stock of Pep Boys will no longer be listed for trading on the New York Stock Exchange or any other exchange.

Icahn outbid Bridgestone for the right to buy Pep Boys in an agreement announced Dec. 15, 2015. Bridgestone originally said  in late October 2015 that it agreed to buy Pep Boys for $15 per share.

“We are extremely pleased to add Pep Boys to the Icahn Enterprises family of companies and believe the acquisition presents excellent synergistic opportunities for Auto Plus, our wholly owned automotive aftermarket company,” said Carl C. Icahn, Chairman of Icahn Enterprises. “We believe that with our abundant resources and knowledge of the industry we will be able to grow this business and take advantage of consolidation opportunities, thereby benefiting customers, manufacturing partners and employees, as well as our shareholders.”

Since 1921, Pep Boys has been a leading automotive aftermarket chain. With more than 7,500 service bays in more than 800 locations in 35 states and Puerto Rico, Pep Boys offers name-brand tires; automotive maintenance and repair; parts and expert advice for the Do-It-Yourselfer; commercial auto parts delivery; and fleet maintenance and repair.

Icahn Enterprises is a diversified holding company engaged in 10 primary business segments: Investment, Automotive, Energy, Metals, Railcar, Gaming, Mining, Food Packaging, Real Estate and Home Fashion.

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