NEW YORK — Icahn Enterprises L.P. is buying Precision Auto Care Inc., a franchising enterprise with more than 250 franchised and company-owned Precision Tune Auto Care-branded retail locations throughout the U.S., for $37 million.
Icahn Enterprises — which already has more than 1,000 Pep Boys and Auto Plus stores under its wing— said it plans to continue using the Precision Tune name for the acquired stores and is looking forward to working with the enterprise's franchise owners to grow the brand.
"The acquisition of Precision Auto Care…is the next step in building out our national automotive service network," said Daniel A. Ninivaggi, CEO of Icahn Automotive Group L.L.C., the entity overseeing Icahn Enterprises' automotive aftermarket interests.
Icahn said it expects to close the deal immediately after a special shareholder meeting to ratify the merger, "or as soon as practicable thereafter."
There's been no date set yet for that meeting.