FINWIRES · TerminalLIVE
FINWIRES

Icahn Enterprises Unit Sells Pep Boys-Manny, Moe & Jack to Mavis for $700 Million

By

Icahn Enterprises' (IEP) Icahn Automotive Group unit has agreed to sell Pep Boys-Manny, Moe & Jack to a subsidiary of Mavis Tire Express Services for approximately $700 million in cash, the companies said Tuesday.

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, according to a statement.

The deal is expected to close "in the coming months," the companies said.

Pep Boys provides automotive services, tires, repairs, oil changes, and maintenance services at nearly 800 locations, the companies said.

Shares of Icahn Enterprises were up more than 2% in premarket activity Tuesday.

Related Articles

Equities

Andy Burnham Becomes UK's Seventh PM in a Decade

Andy Burnham became the UK's seventh prime minister in a decade on Monday, after King Charles III formally asked him to form a government, CNBC reported Monday.Burnham confirmed he accepted the role, the report said.In his first speech as premier, Burnham said he would pursue a "new economic model," including bringing essentials under stronger public control and using public procurement to back British industry, according to the report.President Donald Trump welcomed Burnham's plan to fast-track oil and gas exploration in already-licensed North Sea fields, CNBC reported, adding that Trump said on social media that North Sea oil could help transform the UK's economic fortunes.

Equities

Magnolia Oil & Gas Launches $1 Billion Public Offering

Magnolia Oil & Gas (MGY) said late Monday it has started an underwritten public offering of $1 billion of its Class A shares.Underwriters will have a 30-day option to buy up to an additional $150 million of its shares, the company said.Magnolia said it plans to use the net proceeds to help fund its acquisition of WildFire Intermediate Holdings.Shares were down over 5% in after-hours trading.

$MGY
Equities

EU Recommends Three-year Delay to Penalties for Breaking Methane Emissions Rules

The European Commission recommended that European Union countries delay penalties for three years on fossil fuel importers that fail to meet the bloc's regulation on reducing methane emissions.In a Monday release, the commission said fines for noncompliance should be suspended from 2027 through 2029 to prevent supply disruptions. It also recommended simpler ways for importers to demonstrate their compliance with the regulation.The emissions monitoring requirements for oil, gas and coal importers and suppliers are set to be implemented from Jan. 1, 2027.

^SXXP