New Delhi, July 21 -- NEW YORK - Carl Icahn agreed to sell the Pep Boys automotive service chain to Mavis Discount Tire for $700 million in cash, the Wall Street Journal reported Tuesday, ending more than three decades of Icahn ownership of one of the United States' most recognisable vehicle maintenance brands.

The deal would combine two of the largest independent auto service networks in the country. Mavis, a New York-based tire and service company that has been expanding aggressively through acquisitions, operates roughly 2,000 locations. Pep Boys, founded in Philadelphia in 1921, operates more than 1,000 service centres and retail locations across the United States and Puerto Rico.

For Icahn, the sale marks a significant portfolio re...