NEW YORK (AP) — Tire and auto service company Bridgestone is buying auto parts and repair company Pep Boys in a deal that will help it gain a more dominant position.
The offer involves $15 per share in cash and marks a 21 percent premium to Pep Boys closing price on Friday. The companies valued the deal at $835 million.
It is expected to close in the beginning of 2016 and will add 800 locations to Bridgestone's nationwide network of 2,200 tire and automotive service centers.
- Sponsors -
The deal comes months after Pep Boys' president and CEO resigned as the speculation built over whether the company was considering a sale.
