Bridgestone buys Pep Boys for $835m

Bridgestone has announced that they have acquired Pep Boys for $835 million in all cash via their shares. The shares are about $15.00 each. The transaction is being structured as a tender offer.

Gary Garfield, the CEO and President of Bridgestone America, commented on the companies:

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

Pep Boys is headquartered in Philadelphia. It has been leading the nation’s automotive aftermarket niche in both products and services since 1921. Pep Boys has over 800 locations with over 7,500 service bays in 35 states. This does not include Puerto Rico.

Pep Boys will add their 800 locations to Bridgestone’s 2,200 tire and automotive service centers, operating under the Firestone Complete Auto Care, Hibdon Tires Plus, Tires Plus, and Wheel Works brand banners.

Pep Boys CEO Scott Sider commented:

“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. This transaction delivers a significant premium for Pep Boys’ shareholders and offers new opportunities for our employees across a bigger business. We look forward to working with the Bridgestone team for a smooth and successful transition.”

This whole transaction is expected to close by the beginning of 2016. Following the completion of this whole transaction, Pep Boys will no longer have its stock trading in the New York Stock Exchange. J.P. Morgan Securities LLC is acting at the exclusive financial advisor to Bridgestone.

Here at ASAP Purchasing, we have the resources to distribute a vast array of Bridgestone and Pep Boys products. We provide our customers with a simplified and speedy procurement process. We ensure that our customers production lines and equipment are always up and running effectively. We offer cost-effective component solutions by improving our customers negotiation power. If you are interested in a quote, please contact our friendly sales staff at sales@asapsemi.com or call us at 1-714-705-4780.