Icahn Enterprises sells Pep Boys to Mavis for $700M cash; retains real estate and AAMCO

ICAHN ENTERPRISES L.P.

Base purchase price $700M cash, subject to customary adjustments for cash, debt, working capital.
Icahn Enterprises retains owned real estate, AAMCO Transmissions, and Precision Tune Auto Care businesses.
Pep Boys operates nearly 800 locations; Mavis network to exceed 4,400 service centers across U.S. and Canada.
Transaction expected to close in coming months; reverse termination fee of $21M if buyer fails to close.
Mavis acquisition adds significant Western U.S. footprint and iconic Pep Boys brand to its network.

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