Icahn Enterprises announced that it has closed its acquisition Pep Boys 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 business in a bidding war that wrapped up in January. Bridgestone initially announced merger agreement in October 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 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.”
Pep Boys has more than 7,500 service bays in more than 800 locations in 35 states and Puerto Rico, and offers name-brand tires, automotive maintenance and repair, as well as parts, commercial auto parts delivery and fleet maintenance and repair.
Icahn Enterprises L.P. is currently engaged in 10 primary business segments: investment, automotive, energy, metals, railcar, gaming, mining, food packaging, real estate and home fashion.
