One of the auto industry’s famous trio of guys, the ones that cars like and people love, is about to be snagged up by another big entity in the industry.
Renowned auto parts retailer and shop, Pep Boys,is about to be bought by Bridgestone Americas Inc. for the lofty sum of $835 million in an all-cash deal.
This comes after Pep Boys’ most prominent investor, Mario Gabelli, said a sale of the company’s stock could boost the price value of the stock, adding that the all-cash deal would add a premium of up to 23% to Pep Boys’ share values.
“We are excited to join the Bridgestone family of companies to become part of the world’s largest company-owned tire and automotive service retail network,” said the CEO of Pep Boys, Scott Sider, in a statement.
Pep Boys, who’s been around since 1921, is centered in Philadelphia and thanks to Bridgestone’s extensive network of around 2,200 tire and automotive service centers, Pep Boys will add up to 800 new locations in total.
– By: Chris Chin