Icahn Enterprises Announces Sale of Pep Boys for $700M

What Happened

• Icahn Enterprises L.P. filed an 8‑K on July 21, 2026 disclosing a Stock Purchase Agreement in which its subsidiary Icahn Automotive Group LLC agreed to sell all issued and outstanding capital stock of The Pep Boys‑Manny, Moe & Jack Holding Corp. ("Pep Boys") to Mavis Tire Supply, LLC for a base purchase price of $700.0 million. The transaction is expected to close in the coming months, subject to customary closing conditions.
• Icahn Enterprises agreed to guarantee the seller’s obligations under the Purchase Agreement, and a Metis HoldCo, Inc. affiliate agreed to guarantee buyer obligations. The purchase price will be adjusted after closing for cash, indebtedness, net working capital, certain unpaid seller expenses and certain unpaid taxes. Certain Pep Boys entities and businesses are excluded from the sale.

Key Details

• Base purchase price: $700.0 million (subject to post‑closing adjustments).
• Seller: Icahn Automotive Group LLC (wholly owned subsidiary of Icahn Enterprises). Buyer: Mavis Tire Supply, LLC; Buyer guarantor: Metis HoldCo, Inc.
• Reverse termination fee: $21.0 million payable by Buyer to Seller if Seller validly terminates under specified breach/repudiation conditions.
• Filing date: Form 8‑K furnished July 21, 2026; press release attached as Exhibit 99.1.

Why It Matters

• This is a material divestiture of Pep Boys, a national automotive maintenance, repair and parts business, and will affect Icahn Enterprises’ portfolio and cash position once the deal closes. The $700M base price and post‑closing adjustments will determine the final proceeds.
• The parent guarantee of seller obligations and the defined reverse termination fee are important contractual protections and risk allocators for both parties. Investors should watch for the final purchase price adjustments, any regulatory or closing conditions, and the company’s use of sale proceeds in subsequent filings.