Icahn Sells Pep Boys to Mavis Tire for $700M Cash
IEP is trading near its 52-week low of $7.08 (6.4% above the low).
Summary
Icahn Enterprises is selling its Pep Boys auto-service chain to Mavis Tire for roughly $700 million in cash. The deal expands Mavis's footprint, especially in the Western U.S., while providing IEP with a significant liquidity event. This follows a period of mixed financial performance and leadership changes at IEP, including a new CEO appointed in May. The sale could meaningfully improve IEP's balance sheet and net asset value, though the exact gain or use of proceeds is not yet disclosed. Watch for IEP's next quarterly filing for details on the transaction's impact.
At the time of this announcement, IEP was trading at $7.53 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $5.1B. The 52-week trading range was $7.08 to $9.75. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.