India, July 21 -- On Tuesday, Mavis Tire Express Services Corp., and Icahn Enterprises L.P. (IEP) announced that they have entered into an agreement in which Mavis would acquire the Pep Boys-Manny, Moe & Jack Holding Corp. or Pep Boys from Icahn Automotive Group LLC, a subsidiary of Icahn. The transaction is valued at $700 million in cash.
Additionally, Icahn will retain the owned real estate which were previous transferred to Pep Boys, along with AAMCO Transmissions and Precision Tune Auto Care Businesses.
The transaction is expected to close in the coming months.
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Pep Boys offers tires, repairs, oil changes, and maintenance services from nearly 800 loc...