Bridgestone to buy Pep Boys fo $835M

Tire maker Bridgestone has agreed to buy automotive aftermarket chain Pep Boys for $835 million. The deal is expected to officially close in early 2016.

The deal will give Bridgestone access to Pep Boy’s 800 locations in 35 states and Puerto Rico, essentially boosting the company’s retail network by 35 percent. Bridgestone currently operates about 2,200 service centers under the Firestone Complete Auto Care, Tires Plus, Hibdon Tires Plus and Wheel Works brand banners.

“Bridgestone and Pep Boys are two leading companies that share a proud heritage in the American automotive services industry,” said Gary Garfield, CEO and President of Bridgestone Americas. “Our shared expertise and commitment to our customers and employees will help us build an even stronger organization.”

It remains to be seen if Pep Boys will continue to offer a variety of tire brands or if the chain will exclusively sell tires from the Bridgestone portfolio.

Once the deal is finalized, Pep Boys will be taken off the New York Stock Exchange.