Bridgestone Will Acquire Pep Boys for $863 Million

Aftermarket parts chain Pep Boys has agreed to be acquired by Bridgestone Americas Inc. for $863 million after the Tokyo-based tiremaker sweetened its bid late last week to match a rival bid from investor Carl Icahn.

Bridgestone initially offered $835 million for the company in October. Icahn countered, hoping to merge Pep Boys with Auto Plus, an aftermarket parts chain it acquired earlier this year.

The Bridgestone deal will add more than 800 Pep Boys outlets to the tiremaker’s own network of 2,200 company-owned tire and auto service centers across the U.S. The Japanese company’s retail unit currently operates outlets under the Firestone, Hibdon Tires, Tires Plus and Wheel Works brands.