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Pep Boys changes hands as Icahn Enterprises (IEP) exits

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Icahn Enterprises L.P. (IEP) reported that its wholly owned subsidiary, Icahn Automotive Group LLC, completed the previously announced sale of The Pep Boys-Manny, Moe & Jack Holding Corp. to Mavis Tire Supply, LLC, a subsidiary of Mavis Tire Express Services Corp., for approximately $700 million in cash. Icahn Enterprises will retain the owned real estate previously transferred to it from Pep Boys, along with the AAMCO Transmissions and Precision Tune Auto Care businesses within its Automotive segment.

Mavis stated that, with the addition of nearly 800 Pep Boys locations, its network now comprises more than 4,400 service center locations across the United States and Canada, significantly expanding its Western U.S. presence. Pep Boys will continue to operate under its existing brand identity within the Mavis family of brands.

Positive

  • Icahn Enterprises received approximately $700 million in cash from the sale of Pep Boys.
  • Icahn Enterprises retained owned real estate associated with Pep Boys plus the AAMCO Transmissions and Precision Tune Auto Care businesses, preserving ongoing assets in its Automotive segment.

Negative

  • None.

Insights

Analyzing...

Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Pep Boys sale price approximately $700 million in cash Cash consideration for Mavis’s acquisition of Pep Boys from Icahn Automotive Group LLC
Pep Boys locations nearly 800 locations Number of Pep Boys locations added to the Mavis network
Mavis network size more than 4,400 service center locations Total Mavis network across the United States and Canada after adding Pep Boys
master limited partnership financial
"Icahn Enterprises L.P., a master limited partnership, is a diversified holding company"
A master limited partnership is a type of business structure that combines features of a corporation and a partnership, allowing it to raise money from investors while passing profits directly to them. Think of it as a shared ownership group that offers regular income, making it attractive to investors seeking steady cash flow. This structure is often used by companies involved in natural resources or energy, where consistent revenue is common.
purchase price adjustments financial
"for approximately $700 million in cash, subject to customary purchase price adjustments"
Purchase price adjustments are changes made to the agreed sale price of a company after closing to reflect actual financial facts—like cash on hand, debts, or inventory—found when final accounts are prepared. Think of it as the final bill after a home inspection: the buyer and seller settle differences so the price matches reality. For investors, these adjustments affect the true cost, future earnings and cash flow from a deal, and therefore the value of the investment.
forward-looking statements regulatory
"This release may contain certain “forward-looking statements” within the meaning"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
customary purchase price adjustments financial
"for approximately $700 million in cash, subject to customary purchase price adjustments"

FAQ

What transaction involving Pep Boys did Icahn Enterprises L.P. (IEP) announce?
Icahn Enterprises reported that Icahn Automotive Group LLC completed the sale of The Pep Boys-Manny, Moe & Jack Holding Corp. to Mavis Tire Supply, LLC, a subsidiary of Mavis Tire Express Services Corp., as previously announced.

How much cash did Icahn Enterprises L.P. (IEP) receive from the Pep Boys sale?
Under the agreement, a subsidiary of Mavis acquired Pep Boys from Icahn Automotive Group LLC for approximately $700 million in cash, subject to customary purchase price adjustments.

What assets is Icahn Enterprises L.P. (IEP) retaining after the Pep Boys sale?
Icahn Enterprises will retain the owned real estate previously transferred from Pep Boys, as well as the AAMCO Transmissions and Precision Tune Auto Care businesses within its Automotive segment.

How does the Pep Boys acquisition affect Mavis’s network size?
Mavis stated that with nearly 800 Pep Boys locations added, its network now includes more than 4,400 service center locations across the United States and Canada, with a substantially expanded presence in the Western United States.

Will Pep Boys keep its brand after being sold by Icahn Enterprises (IEP)?
Pep Boys will retain its brand identity and operate as part of the Mavis family of brands following its acquisition by a subsidiary of Mavis Tire Express Services Corp.

What type of company is Icahn Enterprises L.P. (IEP)?
Icahn Enterprises L.P. is described as a master limited partnership and a diversified holding company with seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 20, 2026

 

(Commission File Number)

(Exact Name of Registrant as Specified in its Charter)

(Address of Principal Executive Offices) (Zip Code)

(Telephone Number)

(State or Other
Jurisdiction of
Incorporation or
Organization)

(I.R.S. Employer

Identification
No.)

1-9516

ICAHN ENTERPRISES L.P.

16690 Collins Ave, PH-1

Sunny Isles Beach, FL 33160

(305) 422-4100

 Delaware 13-3398766

 

(Former Name or Former Address, if Changed Since Last Report)

N/A

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:   Trading
Symbol(s)		   Name of each exchange on
which
registered:
Depositary Units of Icahn Enterprises L.P. Representing Limited Partner Interests   IEP   Nasdaq Global Select Market

  

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

Item 7.01 Regulation FD Disclosure.  

 

On August 20, 2026, Icahn Enterprises L.P. (the “Company”) and Mavis Tire Express Services Corp. (“Mavis”) issued a joint press release announcing the completion of the previously announced sale of The Pep Boys-Manny, Moe & Jack Holding Corp. (“Pep Boys”) to Mavis Tire Supply, LLC. The press release is attached as Exhibit 99.1 hereto and is incorporated by reference herein.

 

The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended.

 

Item 8.01 Other Events.  

 

On August 20, 2026, Icahn Automotive Group LLC, a wholly-owned subsidiary of the Company, completed the previously announced sale of Pep Boys to Mavis Tire Supply, LLC, a subsidiary of Mavis, for approximately $700 million in cash. As previously disclosed, the Company will retain the owned real estate previously transferred to the Company from Pep Boys, as well as the AAMCO Transmissions and Precision Tune Auto Care businesses in the Company’s Automotive segment.

  

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits

 

99.1 - Press Release dated August 20, 2026.

104 - Cover Page Interactive Data File (formatted in Inline XBRL in Exhibit 101).

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ICAHN ENTERPRISES L.P. (Registrant)
 
  By: Icahn Enterprises G.P. Inc.
    its general partner

 

Date:  August 20, 2026     By: /s/ Robert Flint
    Robert Flint
      Chief Financial Officer

 

 

 

Exhibit 99.1

 

Mavis Completes Acquisition of Pep Boys from Icahn Enterprises

 

Transaction Adds Iconic Pep Boys Brand and Significant Western U.S. Footprint to Mavis Network

 

Icahn Enterprises to Retain Owned Real Estate as well as AAMCO Transmissions and Precision Tune Auto Care Businesses

 

WHITE PLAINS, N.Y. & SUNNY ISLES BEACH, Fla. – August 20, 2026 – Mavis Tire Express Services Corp. (“Mavis” or the “Company”), one of the largest independent tire and service providers in North America, and Icahn Enterprises L.P. (NASDAQ: IEP) (“IEP”) today announced the completion of Mavis’s previously announced acquisition of The Pep Boys-Manny, Moe & Jack Holding Corp. (“Pep Boys”) from Icahn Automotive Group LLC, a subsidiary of IEP, for approximately $700 million in cash. Pep Boys will retain its brand identity as part of the Mavis family of brands. IEP retained the owned real estate previously transferred to IEP from Pep Boys, as well as the AAMCO Transmissions and Precision Tune Auto Care Businesses.

 

The acquisition brings together two highly recognized automotive service networks and significantly expands Mavis’s scale and geographic reach. With the addition of nearly 800 Pep Boys locations, the Mavis network now includes more than 4,400 service center locations across the United States and Canada, including a substantially expanded presence across the Western United States.

 

“Closing this transaction marks an important milestone for Mavis and an exciting next chapter for Pep Boys,” said Stephen Sorbaro, Co-Chief Executive Officer of Mavis. "Our focus now turns to bringing our organizations together, supporting our technicians and store teams, and building on the strengths of both brands. Together, we have an even greater opportunity to provide customers with dependable service, and I look forward to what’s ahead."

 

Transaction Details

 

Under the terms of the agreement, a subsidiary of Mavis acquired Pep Boys from Icahn Automotive Group LLC for approximately $700 million in cash, subject to customary purchase price adjustments.

 

Advisors

 

Covington & Burling LLP and Bullard Law Group, PLLC served as legal counsel, Jefferies served as exclusive financial advisor, and C Street Advisory Group served as strategic communications advisor to Mavis. Brown Rudnick LLP served as legal counsel to IEP.

 

Caution Concerning Forward Looking Statements

 

This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated benefits of the transaction, and future plans and business opportunities. Forward-looking statements may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will” or words of similar meaning. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements, including, among others, the risk that the anticipated benefits of the transaction may not be realized, the response of business partners and competitors to the announcement of the closing of the transaction, potential disruptions to current plans and operations, as well as the many uncertainties and risks that affect the businesses referenced in this release. There can be no assurance that any forward-looking information will result or be achieved. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.

 

About Mavis Tire Express Services Corp.

 

Mavis Tire Express Services Corp. (“Mavis”) is one of North America's largest independent tire and vehicle service providers, with a rapidly growing footprint of more than 4,400 owned and franchised retail locations across the U.S. and Canada. Headquartered in White Plains, New York, Mavis delivers expert automotive care—including tires and brakes, oil changes, inspections, and auto repair—through a family of trusted brands.

 

Mavis owns and operates a portfolio of auto service center brands including Mavis Discount Tire, Mavis Tires & Brakes, Pep Boys, Midas, Express Oil Change & Tire Engineers, Brakes Plus, Tire Kingdom, NTB (National Tire & Battery), Town Fair Tire, and Tuffy. Together, these brands serve millions of drivers each year with a commitment to dependability, safety, convenience, and value.

 

For more information about Mavis or its family of automotive brands, visit www.mavis.com.

 

 

 

 

About The Pep Boys-Manny, Moe & Jack Holding Corp.

 

Pep Boys is a trusted leader in automotive services, dedicated to keeping drivers on the road with reliable maintenance and repair solutions. With nearly 800 locations across the U.S. and Puerto Rico, our team of skilled professionals, including many ASE-certified technicians, serves millions of customers each year, ranging from everyday drivers to commercial fleets.

 

Founded in 1921 by Navy veterans Manny, Moe and Jack, Pep Boys is built on a foundation of passion, trust and safety. More than a century later, we continue to honor that legacy by providing expert care, exceptional service and a strong commitment to the communities we serve.

 

We keep people moving.

 

Learn more at www.pepboys.com.

 

About Icahn Enterprises L.P.

 

Icahn Enterprises L.P., a master limited partnership, is a diversified holding company engaged in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.

 

Media Contacts

 

For Mavis Tire Express Services Corp.:

C Street Advisory Group

Mavis@thecstreet.com

 

For Icahn Enterprises L.P.:

Ted Papapostolou, Chief Executive Officer

(305) 422-4100

 

 

 

Source: View Original Filing on SEC EDGAR

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